Chalco eyes placement
By Richard Fu |
February 1, 2011, Tuesday
|
Print Edition
Print Edition
ALUMINUM Corp of China Ltd aims to raise 9 billion yuan (US$1.37 billion) via a private share placement in Shanghai to fund expansion and replenish working capital.
The company, better known as Chalco, will use the majority of the proceeds to fund an alumina project in Xing County, Shanxi Province, and the expansion of another in Zhongzhou, Henan Province, it said in a filing to the Shanghai Stock Exchange yesterday.
Alumina is smelted to make aluminum.
The new A shares in the proposed placement will be issued to no more than 10 investors, it said.
Its state-owned parent, Chinalco, will see its ownership of Chalco fall from the existing 41.82 percent to 38.94 percent after the share issuance, but it will still remain the controlling shareholder.
The placement needs approval from shareholders and the securities regulator.
Chalco, China's biggest aluminum producer, said earlier it expected to return to profit last year on higher prices and sales volume after losing a net 4.65 billion yuan in 2009.
The company, better known as Chalco, will use the majority of the proceeds to fund an alumina project in Xing County, Shanxi Province, and the expansion of another in Zhongzhou, Henan Province, it said in a filing to the Shanghai Stock Exchange yesterday.
Alumina is smelted to make aluminum.
The new A shares in the proposed placement will be issued to no more than 10 investors, it said.
Its state-owned parent, Chinalco, will see its ownership of Chalco fall from the existing 41.82 percent to 38.94 percent after the share issuance, but it will still remain the controlling shareholder.
The placement needs approval from shareholders and the securities regulator.
Chalco, China's biggest aluminum producer, said earlier it expected to return to profit last year on higher prices and sales volume after losing a net 4.65 billion yuan in 2009.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
