Monday, March 10, 2008

China Metallurgical Corp to raise RMB 40 bln in dual listing

China Metallurgical Group Corp (MCC), one of the Top 20 state-owned enterprises in China, is planning to list on both mainland and Hong Kong stock markets at the same time, sources reported.

The group submitted its IPO application to the State Assets Supervision and Administration Commission (SASAC) two months ago, and may launch the dual listing as early as the end of August this year, according to its IPO schedule. The estimated proceeds from the listing are RMB 40 billion.

As of the beginning of 2007, the group holds RMB 1.93 billion worth of shares in its 27 subsidiaries, and the registered capital was RMB 2.96 billion.

MCC aims to boost its sales revenue up to RMB 150 billion this year, of which RMB 19 billion are expected to come from overseas market, and total profits to RMB 8.2 billion, announced MCC at its 2008 work conference. In 2007, it achieved sales revenue of RMB 126 billion.

Currently, MCC's core businesses include construction, natural resources exploration, real estate, paper making and equipment fabrication.

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