&lt;Melamine Chemicals Inc>said it has filed for an initial public offering of 2,800,000
common shares through underwriters led by PaineWebber Group Inc
&lt;PWJ>.
    The company said it will sell 1,400,000 shares and the rest
will be sold by Ashland Oil Inc &lt;ASH> and First Mississippi
Corp &lt;FRM>, Melamine's two shareholders.  Proceeds will be used
to build a new melamine plant, buy the existing plant from
Ashland and First Mississippi and part of a special dividend to
Ashland and First Mississippi. 
    In Ashland, Ky., Ashland Oil said it is selling 700,000
shares and First Mississippi 700,000 of Melamine.
 Reuter
