October 27 -- Aluminum Corporation of China （601600, 2600.HK） is reapplying for a private placement, as a previous approval by the China Securities Regulatory Commission （CSRC） expired on October 14, reports Shanghai Securities News.
Chalco is China’s largest manufacturer and processer of alumina, electrolytic aluminum and aluminum. It obtained approval from the CSRC in April this year to offer one billion A shares to certain recipients with the hope of raising 10 billion yuan for three projects, which cost 15 billion yuan in total. The projects will increase the company’s alumina capacity by 2.3 million tons per year.
The original placement failed due to the sluggish market. As was first planned, Chalco’s offering price would not dip below 10.98 yuan per share. However, its share price fell to 8.42 yuan in July from a 2009 high of 20 yuan per share, bouncing back to 10.98 yuan per share after this year’s National Day Holiday.
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