Jeu 17 Mai 2012 02:00
Major Copper IPO in Hong Kong
China Nonferrous Mining Corp plans to raise up to HK$2.44 billion by selling 870 million shares through an initial public offering.
The company is a spinoff of state-owned giant China Nonferrous Metal Mining (Group) Co. It currently operates four mines in Zambia that produced 328,842 tonnes of copper last year.
The firm is heavily reliant on its parent company, which has been its biggest client in the past three years – buying up more than half its output in 2010 and 2011.
Net profit of China Nonferrous Mining Corp hit US$70 million (HK$546 million) last year, down 5.3 percent from 2010.
The company plans to spend 60 percent of the IPO proceeds to finance copper mining projects.
Market sources said some Asian investment firms have already placed orders for the stock.
The retail book will open on Monday. Shares are priced between HK$2.10 to HK$2.80.
Trading is due to start on May 31.
Source : http://www.livetradingnews.com/major-co ... 7Q908Vs-E4