Jiangsu Alcha Aluminum (002160) filed it plans to issue 120 million shares for 12.69 yuan per share, raising as much as 1.5 billion yuan for an aluminum strip and foil factory with annual capacity of 250,000 tons, reports Shanghai Securities News.
The project consists of casting, rolling, melting and casting lines, as well as a rolling facility and supplementary equipment, and wholly controlled subsidiary Baotou Alcha Northern Aluminum will manage it. The subsidiary was founded in 2011 with registered capital of 50 million yuan.
Alcha’s latest project will require a construction period of 18 months and will add capacity of 100,000 tons of aluminum and aluminum alloy ingots, 100,000 tons of aluminum strip and 50,000 tons of air-conditioner foil.
The aluminum alloy ingots and strip will be supplied to a production base in Changshu, a county-level city under the jurisidiction of Suzhou, while air conditioner foil will be sold in northern markets.
The project is expected to earn 4.04 billion yuan in sales revenues, yielding after-tax profits of 182 million yuan.
Shares of Jiangsu Alcha Aluminum (002160) traded at 14.69 yuan as of 11:05 this morning.
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