Chalco extends deadline for private share placement
Shanghai, China (Reuters) – Aluminum Corp of China (Chalco), the country’s top aluminium producer and the world’s third-largest alumina maker, announced it would extend the deadline for its planned private placement of its shares for one year.
Chalco said last July it planned to raise up to 10 billion yuan ($1.5 billion) by selling as many as 1 billion yuan-denominated A shares to institutional investors via a private placement. The plan obtained regulatory approval in April this year.
In a statement to the Shanghai Stock Exchange on Tuesday, Chalco said that the deadline for the private placement of shares, which expired on June 22, would be extended for another 12 months, pending shareholder approval.
The company gave no reason for the delay.
Many Chinese listed companies have decided to delay or scrap share sale plans after their share prices fell sharply amid a slump in China’s stock market this year triggered by monetary tightening policies and concerns over economic recovery.
Chalco’s Shanghai-listed shares have tumbled nearly 30 percent since the company first unveiled its share sale plan a year ago. The benchmark Shanghai Composite Index .SSEC lost about 20 percent during the period. ($1=6.83 Yuan) (Reporting by Samuel Shen and Jacqueline Wong) http://af.reuters.com/article/metalsNews/idAFTOE66500J20100706
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