BRIEF-Baiyin Nonferrous' unit to invest in South Africa's Sibanye Gold for up to $200 mln
* Says its unit Gold One Group Limited plans to invest up to $200 million to South Africa's Sibanye Gold Limited
SYDNEY Oct 12 Australia's largest poultry producer Inghams Group Ltd will list on the share market next month with an equity value of up to A$1.5 billion ($1.1 billion) and is on course to be the country's largest initial public offering this year.
U.S. private equity giant TPG Capital Management LP , will sell between 50 percent and 70 percent of the firm in the IPO, at an indicative price range of A$3.57-A$4.14 a share.
The range values Ingham's at 13.5 to 15.5 times its pro forma 2017 net profit, while the offer includes the sale of up to 45.2 million new shares to raise up to A$172 million.
At the high end of guidance, the partial sale of existing shares would fetch about A$950 million, after TPG bought the firm in 2013 for about A$880 million. It would still retain a 27 percent stake in the company.
The listing would be a bright spot in what has been a subdued market for Australian IPOs amid volatile equity markets.
TPG Capital also plans to sell energy company Alinta this year, according to media reports.
Australia exports only a small percentage of chicken and turkey each year, but Ingham's has seen strong growth in domestic consumption, pushing the company to record profits this year.
Chicken consumption has grown 4.1 percent a year between 1990 and 2015, Ingham's said, primarily due to consumer preferences for food seen as healthier.
The outlook for poultry in Australia has also been strengthened by tightening supplies of beef after a drought in the country's prime grazing region trimmed the size of the national cattle herd to at least a 20-year low, stoking record prices for the red meat.
Australia's strict biosecurity laws also make it difficult to import poultry, leaving Ingham's in a strong position. ($1 = 1.3187 Australian dollars) (Reporting by Colin Packham; Editing by Richard Pullin)
WASHINGTON, April 24 The United States will impose preliminary anti-subsidy duties averaging 20 percent on imports of Canadian softwood lumber, Commerce Secretary Wilbur Ross said on Monday, escalating a long-running trade dispute between the two neighbors.
April 25 Gold held steady on Tuesday after a sharp fall in the previous session on a market-friendly French presidential vote, although tensions over North Korea offered support for safe-haven bullion. FUNDAMENTALS * Spot gold was unchanged at $1,275 per ounce by 0115 GMT. Bullion prices fell about 0.7 percent in the previous session after touching $1,265.90, the lowest since April 11. * U.S. gold futures were down 0.1 percent at $1,276.60 an ounce