Business

TOM Online Plans Large Public Offering

Li Ka-shing, plans to raise up to US$194 million in a dual U.S. and Hong Kong listing next month for his TOM Online Inc.

TOM plans to release 25 percent of the company, at a price range of HK$1.32-HK$1.51 per share, and this will account for about a billion shares.

A source close to the deal is reported to have said the price range represents about 20 to 23 times the company's forecast 2004 earnings.

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