Metallurgical Corp HK IPO – $2.5 bln

by khalid on 07/09/2009 · 0 comments

MCC

Metallurgical Corp of China (MCC) will sell up to HK$19.55 billion ($2.5 billion) worth of H-shares in a Hong Kong IPO, making it the territory’s biggest IPO so far this year. The size of the H-share offering would surpass the May $1.3 billion IPO of China Zhongwang, Asia’s largest maker of aluminium extrusion products.

The company will use the proceeds to fund payment of mining rights in Afghanistan, Argentina and Pakistan, and to fund iron and steel mine projects in Australia, India, Vietnam and Mongolia. Proceeds will also be used to repay bank borrowings and to fund potential acquisitions of overseas mineral resources.

Morgan Stanley, Citigroup, CICC and CITICS International are the book runners of the deal.

(US$1=HK$7.75)

Related Posts Plugin for WordPress, Blogger...

Leave a Comment

Previous post:

Next post: