Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Stocks / IPOs
 Search News  Or
CITIC Resources to spin off manganese unit for HK listing

Oct. 29, 2010 (China Knowledge) - CITIC Resources Holdings Ltd<1205>, a Chinese energy and base metal producer, confirmed that it will spin off its unit CITIC Dameng Holdings for an initial public offering on the Hong Kong Stock Exchange by the end of this year, sources reported.

Upon the completion of the restructuring, CITIC Resources will hold a 39.3% stake in CITIC Dameng, remaining the largest shareholder of the company.

CITIC Dameng, the manganese mining and processing unit of CITIC Resources, is expected to raise between US$300 million and US$400 million from the IPO. Proceeds from the offering will be used to increase production capacity, acquire mineral reserves, pay back bank loans and supplement working capital.

CITIC Resources Holdings is expected to receive proceeds of HK$1.85 billion from the planned listing.

CITIC Dameng, which is engaged in the exploration, mining and processing of manganese, had net assets of HK$1.1 billion as of Jun. 30. The company's pre-tax profit for the first half of this year was HK$84 million, compared with HK$75.3 million for the full year in 2009 and HK$431.1 million in 2008, according to an earlier report from China Knowledge.

Copyright © "2013"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services
 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved