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Tongling Nonferrous to raise RMB 4.55 bln via placement

Nov. 8, 2012 (China Knowledge) - Chinese copper smelter Tongling Nonferrous Metals Group Co Ltd<000630> has announced its plan to raise no more than RMB 4.55 billion through a private placement.

According to a statement filed with Shenzhen Stock Exchange, the company said it will issue up to 280 million A- shares with a price of no less than RMB 16.45 per share.

Proceeds from the issue will be used to invest three projects and replenish working capital.

In the first nine months of this year, Tongling Nonferrous Metals realized RMB 677 million in net profit attributable to shareholders, 34.62 % less than in the corresponding period of last year.

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