CHINESE supply chain manager Premiere Eastern Energy has listed on the Australian Securities Exchange after reaching a minimum share subscription of $3 million.
The company issued 15 million shares at 20 cents each to raise the funds, with shares steady at that price at the time Oil & Gas Australia went to press.
Following the success of the minimum share subscription being raised, on listing, Premiere will have 915 million shares on issue with a market cap of $183 million.
Premiere Eastern Energy chief executive Zhan Aiping said the launch would bring about new opportunities for the company to continue its expansion in China
The company works as a wholesale distributor in the Chinese petrochemical supply chain, selling petrochemical products from the resource-rich regions of China to the more economically developed southern coastal cities of China, which have a large demand for fuel and energy.