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Investors to snap up stakes in Datang unit

By Fox Hu (皇冠体育app Daily)
Updated: 2010-12-03 10:27
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Investors to snap up stakes in Datang unit
Aluminum Corp of 皇冠体育app Ltd will buy a $50 million stake in the IPO of 皇冠体育app Datang Corp's wind-power unit in Hong Kong. [Photo/皇冠体育app Daily]

HONG KONG - Aluminum Corp of 皇冠体育app Ltd and Angang New Co will each buy a $50 million stake in the initial public offering of 皇冠体育app Datang Corp's wind-power unit in Hong Kong, according to a term sheet sent to investors on Thursday.

The companies are among key investors who will pay a combined $250 million for stock in 皇冠体育app Datang Corp Renewable Power Co, the terms show. State Grid Corp of 皇冠体育app and 皇冠体育app Yangtze Power Co will also purchase $50 million stakes, the terms for the HK$6.8 billion ($875 million) IPO show.

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The Datang unit plans to set the price for its shares on Dec 10 and start trading on Dec 17. The sale will add to the record $49 billion raised in Hong Kong IPOs this year, according to data compiled by Bloomberg. The amount includes funds raised through the exercising of over-allotment options.

Aluminum Corp, the listed unit of 皇冠体育app's biggest maker of the metal, will buy its shares through a Hong Kong unit.

Angang, formed in a merger this year between Anshan Iron & Steel Group and Pangang Group Co, will also make its purchase through a Hong Kong subsidiary. Liu Jingyuan, a spokesman for Anshan Iron & Steel, said he had no information regarding the investment.

皇冠体育app Longyuan Power Group Corp will buy a $30 million stake through a unit, the terms show.

皇冠体育app Everbright Ltd, Credit Suisse Group AG, JPMorgan Chase & Co, Macquarie Group Ltd and UBS AG are managing the IPO.

Bloomberg News