22 JUNE 2012The Standard
China Aluminum International to begin retailing
Edited by : AL CIRCLE
1 min read
China Aluminum International Engineering Corporation will begin taking retail orders for its HK$1.72 billion initial public offering today.
The company, a subsidiary of state-controlled Chinalco, provides engineering and design services to nonferrous metals companies. It is offering 363.16 million shares and the international tranche is partly covered. Retail investors will have to part with HK$4,777 for a single board lot of 1,000 shares.
"The listing offers us an international stage to build our reputation. We aim to secure more overseas projects," Chairman Zhang Chengzhong said yesterday.
Half the net proceeds, or HK$735.3 million, will be used for new engineering and construction projects, a third of which are outside China.
The company said that a third of the proceeds will be spent on new equipment as well as for research and development. It is betting on more growth opportunities in the nonferrous industry.
Dealing in its shares is set for July 6.
The company, a subsidiary of state-controlled Chinalco, provides engineering and design services to nonferrous metals companies. It is offering 363.16 million shares and the international tranche is partly covered. Retail investors will have to part with HK$4,777 for a single board lot of 1,000 shares.
"The listing offers us an international stage to build our reputation. We aim to secure more overseas projects," Chairman Zhang Chengzhong said yesterday.
Half the net proceeds, or HK$735.3 million, will be used for new engineering and construction projects, a third of which are outside China.
The company said that a third of the proceeds will be spent on new equipment as well as for research and development. It is betting on more growth opportunities in the nonferrous industry.
Dealing in its shares is set for July 6.
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