(Chinavestor, July 2, 2009) At the latest Board Meeting of Aluminum Corp. of China (NYSE:ACH) held on June 30, 2009, the Board passed a resolution to seek shareholder approval for the issuance of additional A shares. The proceeds from the share sale will be used for capital expenditures associated with the Chongqing 800,000 ton alumina project, the Xing Xian alumina project, and the Zhongzhou ore-dressing expansion.
This proposed additional one billion A shares would represent 10.44% of current A shares in circulation or 6.88% of total issued share capital. Target investors are current institutional investors, QFII included. The additional shares would come with a 12 month lock-up period. The price of the new shares will be set as the average price of the last 20 days preceding the issuance.
The transaction is subject to shareholder and reguilatory approval.
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