Chalco delays A-shares sale
By Joyce Pan |
July 7, 2010, Wednesday
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Print Edition
Print Edition
ALUMINUM Corp of China, the country's largest aluminum producer, said yesterday it would delay its planned 10 billion yuan (US$1.5 billion) private placement for a year, leading to an analyst citing the weak sentiment of the stock market for the move.
The deadline for the yuan-dominated share sale will be extended for another 12 months from August 23, when the share placement is supposed to expire, the firm, also known as Chalco, said in a statement to the Shanghai Stock Exchange.
"The delay of the share sale is very likely due to the sluggish sentiment in the A-share market," said Le Yukun, an analyst at BOC International.
Bloomberg News cited spokeswoman Shen Hui as saying the current market conditions are not favorable for the share sale and the company will seek bank loans instead.
Calls to company officials were not answered yesterday.
Chalco said last July it plans to issue no more than 1 billion A shares to institutional investors to fund capacity expansion and replenish capital.
The deadline for the yuan-dominated share sale will be extended for another 12 months from August 23, when the share placement is supposed to expire, the firm, also known as Chalco, said in a statement to the Shanghai Stock Exchange.
"The delay of the share sale is very likely due to the sluggish sentiment in the A-share market," said Le Yukun, an analyst at BOC International.
Bloomberg News cited spokeswoman Shen Hui as saying the current market conditions are not favorable for the share sale and the company will seek bank loans instead.
Calls to company officials were not answered yesterday.
Chalco said last July it plans to issue no more than 1 billion A shares to institutional investors to fund capacity expansion and replenish capital.
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