SHANDONG, February 12, SinoCast -- Shandong Nanshan Aluminum Co., Ltd., a Shanghai-listed electrolytic aluminum and aluminum profile producer, said on a statement on February 12 that it is going to issue no more than 700 million shares in a private placement to its parent company Nanshan Group.
Nanshan Group will subscribe the shares to be floated with 100,000 tons of electrolytic aluminum and the supporting carbon assets, 600,000 kw-installed-capacity thermal power generating assets, 75% stake of a local aluminum company and 75% stake of an aluminum foil company.
Nanshan Group, one of the largest aluminum extrusion materials production base in China, previously planned to buy 71% of the total additional shares and leave the left 29% to be subscribed by other institutional investors in cash, revealed insiders.
In order to secure its raw material supply in 2007, the company decides to sell all shares of the private placement to its parent finally.
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