UPDATE 1-China’s Sateri nears $1 bln IPO hearing -sources

* Hong Kong expected to rule on application Thursday -sources

* Sateri moved on HK listing earlier this year -sources
(Adds details, background)

HONG KONG, Oct 25 (BestGrowthStock) – The estimated $1 billion
initial public offering of Sateri International Group, a maker of
specialty cellulose used in everything from sunglasses to ice
cream, will be reviewed by the listing committee of the Hong Kong
stock exchange on Thursday, sources with direct knowledge said.

Sateri, controlled by Sukanto Tanoto and his family, aims to
list in Hong Kong in November after the application’s approval,
one banking source said on Monday. Forbes lists Sukanto as one of
Indonesia’s richest people, worth $1.9 billion.

Incorporated in the Cayman Islands, Sateri grows eucalyptus
trees and produces specialty cellulose in Brazil, and operates a
cellulosic fiber mill in China’s Jiangxi province to provide
materials for textile and non-woven customers.

Bank of China International, Credit Suisse (CSGN.VX: ) and
Morgan Stanley (MS.N: ) (Read more about the money market today. ) are involved in Sateri’s IPO.

“The final pricing will very much depend on the market,” said
one source, who has direct knowledge of the deal but was not
authorised to talk to the media about it. The source said Sateri
hoped to list after the landmark AIA IPO offering, and before the
end of the year.

Married with four children, Sukanto renamed his conglomerate
RGE (Royal Golden Eagle). The group, which has $10 billion in
assets, owns papermaker April and palm oil firm Asian Agri,
according to Forbes. Sukanto was the eldest of seven boys, who
dropped out of school at age 17 to help support his family,
Forbes says, adding that he taught himself English by translating
Readers’ Digest, Life magazine and Newsweek.
(Reporting by Alison Leung and Clare Jim; Editing by Chris Lewis
and Michael Flaherty)

UPDATE 1-China’s Sateri nears $1 bln IPO hearing -sources