Mine secretary
Aluminum Corporation of China (601600) announced that the company's board of directors reviewed and passed the "Proposal on the Company's Accordance with Non-Public Issuance of A-shares", and plans to issue no more than 1 billion A-shares, raising no more than RMB 10 billion for China Aluminum. The company's Chongqing 800,000 tons alumina project will further improve the company's "bauxite-aluminum-aluminum-aluminum deep processing" industrial chain.
Chinalco’s holding position remains unchanged
According to the announcement, Aluminum Corporation of China issued this issuance of A shares to legal entities, natural persons or other lawful investors, such as funds, securities companies and insurance institutions that meet the relevant regulatory requirements. The issue price is not lower than the 20 trading days before the benchmark date. Company A 90% of the average price of shares trading. The proposed issuance of funds will not exceed RMB 10 billion. The raised funds will be deducted from the issuance costs and will be used for China Aluminum Corporation's Chongqing 800,000-ton alumina project, China Aluminum's Xing County Alumina Project and China Aluminum's Zhongzhou Branch Company's beneficiated Bayer. Law system expansion project and additional working capital.
According to the announcement, the completion and commissioning of the raised capital investment project will help the company further improve the company's "bauxite-aluminum-aluminum-aluminum-aluminum deep processing" industrial chain, improve its competitive advantage, and optimize its business structure.
This private placement does not result in changes in the company’s control. Prior to the issue, Chinalco directly held 38.56% of the company's equity, and through its subsidiary, it held a total of 41.82% of the company's shares. After the completion of the non-public issuance, according to the upper limit of the issuance volume of 1 billion shares, Chinalco will hold a total of approximately 38.94% of the company's equity and remain as the controlling shareholder and actual controller.
Funding and promotion of scale expansion
According to the company's introduction, the 800,000-ton alumina project of China Aluminum Corporation in Chongqing is expected to be put into production in 2010. It will add 800,000 tons/year of metallurgical-grade alumina production capacity to the company. The total investment is about 4.754 billion yuan, of which 2.3 billion yuan. Funds raised through the issuance of this issue will be resolved through the company’s self-raised funds; China Aluminum's Xing County alumina project will have an annual production capacity of 800,000 tons of metallurgical grade alumina. The project will be completed in 2 years and will be ready for use after completion. , It will add 800,000 tons of alumina production capacity each year for the company. The total investment of the project is about 5.230 billion yuan, of which about 3.7 billion yuan will be raised through the issuance of funds raised in this issue; China National Alcoa Zhongzhou Branch Company's beneficiation Bayer system expansion project construction In 2 years, the total investment of the project is approximately 2.992 billion yuan, of which approximately 2 billion yuan will be raised through the issuance of funds raised in this offering, and the remainder will be funded by the company's self-raised funds. After the completion of the project, the company will increase annual alumina production capacity by 700,000 tons. , Zhongzhou Branch Company has formed alumina production capacity of 1 million tons/year for sintering method and 1.3 million tons/year for Bayer, and total alumina production will reach 2.3 million tons/year. In addition, the company also plans to add 2 billion yuan in liquidity.
According to the announcement, this non-public issuance of raised capital investment projects has good market prospects and economic benefits, which will help the company further improve the “bauxite-aluminum-aluminum-aluminum-aluminum deep processing†industrial chain, improve its competitive advantages, and optimize Business structure. After the project is put into production, the company's profitability will be further improved, further enhancing its core competitiveness and ensuring sustainable development.
Aluminum Corporation of China stated that after the private placement, the financial status of the company will be greatly improved. Among them, the company's 2007 and 2008 annual interest expenses were 1.226 billion yuan and 1.865 billion yuan. If funds are raised in place, the company will be able to reduce the financial costs to a certain extent, optimize the financing structure, and further improve the cash flow situation.