China’s Ministry of Posts & Telecommunications says its Shanghai Posts & Telecommunication Equipment Co Ltd equipment unit will issue 60m B shares for foreigners only at $0.396 each to raise $23.76m; the issue represents about 41% of the enlarged share capital and is at a prospective price earnings ratio of 10.76; it is the first Chinese telephone equipment company to be opened to foreign shareholders; the sale is via Crosby Securities Ltd.
