KUMAGAI GUMI'S UNIT SEEKS LISTING IN HONG KONG
A subsidiary of the Japanese
construction group Kumagai Gumi Co Ltd <KUMT.TOK> is seeking to
float its shares on the Hong Kong Stock Exchange, merchant
banking sources said.
    They said <Kumagai Gumi (Hong Kong) Ltd> has appointed
<Canadian Eastern Finance Ltd>, <Sun Hung Kai International
Ltd> and <Wardley Ltd> as arrangers for the flotation. But they
declined disclosure of any further details.
    A spokesman of Cheung Kong (Holdings) Ltd <CKGH.HKG> told
Reuters the group's chairman Li Ka-shing also will take a 10-15
pct stake in Kumagai Gumi (Hong Kong).
    He said the privately held <Li Ka-shing Foundations Ltd>
will receive a certain number of shares in Kumagai Gumi (Hong
Kong) for injection into the company and up to 50 pct interest
in a 520 mln H.K. Dlr worth property project at Hong Kong's New
Territories.
    But he added the Cheung Kong group will have no interest in
the construction firm.
 REUTER
