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Chalco delays capital placement
By Pan Xiaoyi |
July 6, 2010, Tuesday
|
Online Edition
Online Edition
ALUMINUM Corp of China, the country's largest aluminum producer, said today it would delay its planned 10-billion-yuan (US$1.47 billion) worth of private placement for a year.
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, Chalco told 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.
The company announced in last July its plan to issue no more than 1 billion A shares to institutional investors to fund capacity expansion and replenish capital. It obtained approval from China Securities Regulatory Commission in April this year.
However, China's benchmark Shanghai Composite Index has lost more than 25 percent since the beginning of this year, becoming the worst performing market among the world's major markets, amid the government's tightening policies and crackdown on property speculation. Chalco's share price dropped 34 percent in the past year.
Bloomberg News cited spokeswoman Shen Hui as saying 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 today.
Chalco added 1.8 percent to close at 8.74 yuan in Shanghai trading, versus 1.92 percent gain in the local benchmark key index.
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, Chalco told 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.
The company announced in last July its plan to issue no more than 1 billion A shares to institutional investors to fund capacity expansion and replenish capital. It obtained approval from China Securities Regulatory Commission in April this year.
However, China's benchmark Shanghai Composite Index has lost more than 25 percent since the beginning of this year, becoming the worst performing market among the world's major markets, amid the government's tightening policies and crackdown on property speculation. Chalco's share price dropped 34 percent in the past year.
Bloomberg News cited spokeswoman Shen Hui as saying 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 today.
Chalco added 1.8 percent to close at 8.74 yuan in Shanghai trading, versus 1.92 percent gain in the local benchmark key index.
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