China Nonferrous Metal eyes $500 mln HK IPO
HONG KONG, April 17 | Mon Apr 16, 2012 11:07pm EDT
(Reuters) - China Nonferrous Metal Mining (Group) Co Ltd (CNMC) plans to list its Zambia copper assets in Hong Kong, aiming to raise about $500 million, the Chinese-language Ming Pao Daily reported on Tuesday, citing market sources.
The state-owned metals group is expected to launch the initial public offering as early as next week, the report said.
CNMC, which delayed the listing plan late last year because of uncertain market conditions, is expected to cut the size of the deal to about half of its original plan, the newspaper said.
CNMC received approval from the Hong Kong stock exchange late last year for a $1 billion IPO, Thomson Reuters publication IFR reported.
China International Capital Corp, JPMorgan Chase & Co and UBS AG are managing the deal, the newspaper said, giving no other listing details. (Reporting by Donny Kwok; Editing by Chris Lewis)
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