China Nanshan Aluminum plans $367m share placement

China¡¯s Shandong Nanshan Aluminum Co. plans to raise up to 2.5 billion yuan ($366.6 million) through a private placement of shares with investors to build an alloy production project, the company said on Saturday.

It will place between 100 million and 300 million shares at a price of no less than 8.87 yuan per share.

Nanshan¡¯s Shanghai-listed A shares ended at 9.74 yuan on Friday.

The funds will be used for a 220,000 ton-per-year rail transport alloy production line, which will require a total investment of 3.22 billion yuan, the company said.

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