Pirelli valued at $7.7bn in IPO share pricing MILAN: Tire maker Pirelli has priced its initialpublic offering at 6.50 euros ($7.7) per share, valuing the company at 6.5 billion euros, at the low end of the expected range.

The Milan-based company, which had been taken over two years ago by Chinese owners, is set to resume trading in Milan next Thursday. The public offering is expected to raise about 2.3bn euros.

Pirelli delisted when state-owned China National Chemical Corp took a 65 per cent stake in a 7.7bn euro deal. But the Chinese owners agreed to reduce their share to below 50pc to launch the IPO.-APPSAA gets new chairman KARACHl: Mohammed A. Raipar was electedchairman of Pakistan Ship`s Agents Association (PSAA) for 2017-18.

Capt S. Kamal A. Mahmoodi and M. Younus Vayani were elected senior vice-chairman and vice-chairman respectively, said a press release.