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CSRC approves China Molybdenum's IPO in Shanghai

May. 14, 2012 (China Knowledge) - China Molybdenum Co<3993>, the nation's biggest molybdenum producer, has received approval from China Securities Regulatory Commission (CSRC), the country's stock market watchdog, to start its initial public offering in Shanghai with fundraising of RMB 3.65 billion or around US$579 million.

The molybdenum supplier, which listed on the Hong Kong Stock Exchange in 2007, has said it will issue not more than 542 million A-shares in the IPO, accounting for 10% of its enlarged share capital. But timetable has yet disclosed.

RMB 1.88 billion of the proceeds will be used to develop an alloy project, while the remaining RMB 1.77 billion will be spent on sales promotion of molybdenum and tungsten products.

According to the company's website, its main products cover more than 30 kinds and are sold to countries and regions, including the Americas, the Europe, South Korea, Japan, Southeast Asia and Hong Kong.

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