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Chalco to raise 9 billion yuan in share sale
By Richard Fu |
January 31, 2011, Monday
|
Online Edition
Online 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 Xingxian, Shanxi Province and to expand another project in Zhongzhou, Henan Province, it said in a filing to the Shanghai Stock Exchange today.
Alumina is any of several forms of aluminum oxide used in aluminum production.
Chalco, China's biggest aluminum producer, said earlier it expected to return to profit in 2010 on higher prices and sales after suffering a net loss of 4.65 billion yuan in 2009.
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 own 38.94 percent of Chalco after the issuance, down from 41.82 percent now, but will remain the controller.
The sales plan needs approval from both shareholders and the securities regulator.
The company, better known as Chalco, will use the majority of the proceeds to fund an alumina project in Xingxian, Shanxi Province and to expand another project in Zhongzhou, Henan Province, it said in a filing to the Shanghai Stock Exchange today.
Alumina is any of several forms of aluminum oxide used in aluminum production.
Chalco, China's biggest aluminum producer, said earlier it expected to return to profit in 2010 on higher prices and sales after suffering a net loss of 4.65 billion yuan in 2009.
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 own 38.94 percent of Chalco after the issuance, down from 41.82 percent now, but will remain the controller.
The sales plan needs approval from both shareholders and the securities regulator.
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