Chinese group to list on ASX

NATIONAL: Australia is set to get a new Chinese import.

Zhejiang Province-based group Mesbon China Nylon Limited has announced plans for a $20 million public float on the Australian Stock Exchange.

The nylon textile yarn producing group, which achieved total sales of $53 million last year, has lodged a prospectus with the Australian Securities Investment Commission to raise funds through a public offering opening on November 19.

Mesbon, which claims to be one of the top five producers of high quality nylon yarn in China, specialises in the production, sale and development of nylon yarn for the textile and garment industries in China and across Germany, Brazil, Italy, Israel and Turkey.

Mesbon executuive chairman Zhehao Shen while the China-Australian investment focus was primarily on Australia's natural mineral wealth, this focus was beginning to turn to other sectors such as Chinese-based manufacturing.

"With Chinese-made goods finding renewed global appeal and demand, the timing is right for enhanced investment between Australia and China."

Shen said the group would use funds from the public offer to increase its production output to around 36,000 tonnes through the expansion of its manufacturing facilities.

Mesbon has appointed South Australian businessman Paul Teisseries as a non-executive director of the company.