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China Metallurgical sets A-share IPO price range

Sep. 8, 2009 (China Knowledge) - China Metallurgical Co Ltd, a subsidiary of China Metallurgical Group Corp, announced yesterday that it has set its A-share initial public offering price range at RMB 5 to RMB 5.42 per share.

The company, which plans to sell up to 3.5 billion shares via the IPO on the Shanghai Stock Exchange, is expected to raise up to RMB 18.97 billion through the deal.

China Metallurgical plans to sell 1.4 billion A shares though off-line subscription during the period from Sep. 8 to Sep. 9. The remaining 2.1 billion A shares will be sold via on-line subscription on Sep. 9.

China Metallurgical has set the price range for its H-share IPO at HK$6.16 to HK$6.81. The company is expected to raise up to HK$19.55 billion by floating up to 2.87 billion H shares via the new share offering.

Media reported today that China Metallurgical has introduced five cornerstone investors for the H-share IPO. The five cornerstone investors, which include CITIC Pacific Ltd<0267>, CCB International and Bank of China Group Investment Ltd, will each invest HK$388 million in the company.







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