China`s Yunnan Aluminum to raise US$185 mln for alumina project

The Yunnan Aluminum Co. Ltd. (SZE:000807), one of China's leading aluminum processors, has revealed a non-public placement preplan, saying it plans to float 200 million shares at not lower than 6.31 yuan per share. It plans to raise at least US$184.7 million.

The company's largest shareholder, the Yunnan Metallurgical Group Co. Ltd., pledged to buy no less than a half of the total issued shares, and its stake in Yunnan Aluminum would not exceed 51.02 per cent of the total.

Proceeds from the placement will be wholly used in an alumina project of its subsidiary company, with annual output to reach 800,000 tons. The project involves gross investment of 4.5 billion yuan (US$658.8 million) and will be constructed in three years.

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