BIZCHINA / News
Shenhua Energy to offer shares in Shanghai
(Shanghai Daily)
Updated: 2007-07-03 13:01
China Shenhua Energy Co said today that it plans to issue shares on the
Shanghai Stock Exchange and to increase its holdings of parent company
assets, according to The Associated Press.
The company, whose shares are traded in Hong Kong, said in a regulatory
notice that it would issue up to 1.8 billion shares denominated in yuan,
and use proceeds from the Shanghai offering to improve the company's
operations and to buy assets from its state-owned parent, Shenhua Group
Corp.
The money would also be used to buy overseas assets, said the notice,
posted on the Website of the Hong Kong Stock Exchange.
The Shanghai initial public offering is subject to regulatory and
shareholders' approval. Pricing would depend on market conditions, it
said, so the amount of funds to be raised was not specified.
Related readings:
China's No. 1 coal miner to issue shares in Shanghai
Western mining seeks US$814m in IPO
Return of red chips likely in August
Special Coverages:
Markets Watch
Red Chips Return
However, the notice said Shenhua Energy, the country's biggest coal
producer, proposed to spend 3.33 billion yuan (US$437 million) buying
parent company coal and power assets.
In a separate statement, Shenhua said it has agreed to buy from its
parent group 100 percent of Shenhua Group Shenfu Dongsheng Coal Co and
Shenhua Shendong Power Co.
Shenhua Group, formed in 1996 from the merger of regional coal mines in
Inner Mongolia, reported sales of 240 million tons of coal in 2006 and
forecasts sales this year of between 260 million tons and 270 million
tons.
(For more biz stories, please visit Industry Updates)
Learn Chinese, Learn mandarin
No comments:
Post a Comment