The Standard
Two Chinalco units to list in HK
Edited by : AL CIRCLE
2 min read
Chinalco, the parent of Aluminum Corporation of China, also known as Chalco (2600), plans to list its engineering unit in Hong Kong.
China Aluminum International Engineering Corporation aims to raise up to HK$3.9 billion in March or April.
It is mainly involved in infrastructure construction and engineering in the mainland. Chinalco is also preparing to spin off its Peru copper mining project in the third quarter, eyeing HK$7.8 billion. The project, in central Peru, is due to start by the end of next year. Annual output is estimated at 250,000 tonnes.
Chinalco, the mainland's largest aluminum producer, has diversified its assets recent years to offset decreasing profits from copper mining.
On Monday, Chalco posted a profit warning, saying net income for last year would dive 50 percent due to rising costs and falling copper prices.
In other action, Perfect Shape (PRC) Holdings - the first IPO in the Year of the Dragon - ends book building today.
Its retail book was oversubscribed by 15 times, luring HK$357.5 million in margin orders. Eleven investors signed up for shares worth HK$11 million each, the maximum allowed, brokers said.
It aims to raise HK$220 million and has a greenshoe option of 37.5 million shares. Trading is due next Friday. GRACE CAO
China Aluminum International Engineering Corporation aims to raise up to HK$3.9 billion in March or April.
It is mainly involved in infrastructure construction and engineering in the mainland. Chinalco is also preparing to spin off its Peru copper mining project in the third quarter, eyeing HK$7.8 billion. The project, in central Peru, is due to start by the end of next year. Annual output is estimated at 250,000 tonnes.
Chinalco, the mainland's largest aluminum producer, has diversified its assets recent years to offset decreasing profits from copper mining.
On Monday, Chalco posted a profit warning, saying net income for last year would dive 50 percent due to rising costs and falling copper prices.
In other action, Perfect Shape (PRC) Holdings - the first IPO in the Year of the Dragon - ends book building today.
Its retail book was oversubscribed by 15 times, luring HK$357.5 million in margin orders. Eleven investors signed up for shares worth HK$11 million each, the maximum allowed, brokers said.
It aims to raise HK$220 million and has a greenshoe option of 37.5 million shares. Trading is due next Friday. GRACE CAO
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