Promina sets $1.70 share price

Retail investors will pay $1.70 per share for Promina shares which begin trading on the Australian Stock Exchange at midday today. Institutional investors will pay an additional 10 cents per share. The company will trade under the ASX code of PMN.

More than one billion shares will be allocated by Promina. Retail investors will receive 26 per cent with institutions and fund managers to hold the remaining 74 per cent of stock. Promina Group Ltd's market capitalisation will be about $1.9 billion when it makes what will be the world's biggest stock market debut so far in 2003.