Headline: Web steel trader eyes GEM float
Publication date (DD/MM/YYYY): 25/02/2000

Web steel trader eyes GEM float

By ERIC NG

Steel-trading portal iSteelAsia.com has applied to the stock exchange to be listed on the Growth Enterprise Market (GEM).

The portal's application yesterday was among a string of Web operations that have either applied or are planning to list on the GEM amid the investment euphoria for Internet stocks.

An investment banker said many dotcom firms were "rushing" to get their companies listed, as they wanted to get better market valuations by becoming the first in their industry to be floated.

Although iSteelAsia was officially launched in December, corporate finance director of listing sponsor BNP Prime Peregrine, Michael Li, said it met the exchange's requirement that candidates have actively pursued their business for a minimum of two years.

He said the portal's founder and chairman Andrew Yao Cho-fai - chairman of steel trader Van Shung Chong (Holdings) - had been in the traditional steel-trading business for many years.

Mr Yao said to maintain the credibility of the portal, iSteelAsia.com will aim to have a diverse shareholder base, including the portal's employees, steel intermediaries and strategic partners such as banks, insurance companies and surveyors.

ABN Amro Bank, insurance company Houlder and Aon, as well as surveyors SGS and Inspectorade are offering their services to the steel traders using the portal.