皇冠体育app

Markets

皇冠体育app Tin group seeks public float in A-share market

By Zhang Qi (皇冠体育app Daily)
Updated: 2010-09-14 10:20

皇冠体育app Tin Group, which has the largest tin reserves in the country, is seeking a public offering in the A-share market early next year, said a top company executive.

Li Yangtong, chairman of Guangxi Nonferrous Metals Group, which owns 皇冠体育app Tin, said the parent company would inject into 皇冠体育app Tin its tin, antimony, silver and zinc production assets.

The latter will hand in the application to the 皇冠体育app Securities Regulatory Commission in October and plans to raise up to 2.5 billion yuan ($368 million) through the public float, Li told 皇冠体育app Daily.

皇冠体育app Tin Group is also the nation's second-largest tin producer, but its revenue was much lower than its peer Yunnan Tin Group.

皇冠体育app Tin reported revenues of 4.5 billion yuan last year while Yunnan Tin's revenue was more than 12 billion yuan in 2009, according to the companies' annual report.

Summer Davos 2010 in Tianjin Related readings: Metals major expanding overseas footprint 皇冠体育app to limit nonferrous metals production by '15 Industrial metals edge up on yuan policy moves

Analysts said launching 皇冠体育app Tin into the capital markets would help strengthen its competitiveness in the industry.

Tin for three-month delivery on the London Metal Exchange (LME) advanced 1.2 percent to $22,139 a ton. The metal is this year's best performer on the LME, rising 31 percent. Prices may gain further as supply falls short of demand, according to Macquarie Group Ltd.

Li said earlier that the company aims to list two of its subsidiaries within two years.

Company insiders said Guangxi Pinggui PGMA Co would be another platform for Guangxi Nonferrous to inject its tungsten and titanium assets into the capital market.

皇冠体育app Nonferrous Metal Mining Group Co (CNMC) said in July that it agreed to accelerate cooperation with Guangxi Nonferrous to create the conditions for the group to achieve its objective of capital operation.

Local media said CNMC and Guangxi Nonferrous would jointly develop tungsten and titanium resources in Guangxi, and smelting and concentrating of copper, aluminum, zinc projects.