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14th Feb, 2007 Riemann has floated China’s HaiKe Chemical Group
on AIM, raising US$20 million for the petrochemical and specialty chemical
business with a placing of equity that values the business at US $60
million
 HaiKe
Chemical Group Ltd ( "HaiKe" or the "Company",
and together with its subsidiaries,the "Group" ), a petrochemical
and speciality chemical business based in China, is pleased to announce
its admission to AIM under the ticker symbol 'HAIK'.
The placing has raised US$20 million (before expenses) for the Group.
The net proceeds of US$17 million are to be used in the expansion of
heavy oil catalytic cracking production facilities (US$14 million) and
the expansion of isopropyl alcohol production facilities (US$3 million).
The Company¡¯s sales revenue reached USD 224 million in 2005 and is ranked
among the Top 100 Petrochemical Enterprises in China. At present, the
Company is actively enhancing the deep processing operation in its oil
refinery business in an attempt to achieve the synergistic combination
of its refinery and fine chemicals businesses and sustain the Company¡¯s
steady and fast growth.
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