Metallurgical Corp of China will raise US$2.3 billion selling 2.87 class-H shares ahead of a Hong Kong listing September 24, the Wall Street Journal reported, citing Dow Jones Newswires. The company is also expecting to raise US$2.47 billion in an IPO prior to listing in Shanghai, where it will be offering 3.5 billion renminbi-denominated A-shares. Altogether, 18.3% of the company’s shares will be floated. The proceeds will be used to develop overseas projects such as its iron-mining join venture with Citic Pacific in Australia, to pay debt and for working capital. About 10% of the proceeds will be used to obtain overseas mineral reserves. In a separate transaction, Sinopharm Group plans to raise about US$1 billion selling 545.7 million shares in an IPO ahead of a Hong Kong listing next month.
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