Nanshan Aluminium International Holdings Ltd, an Indonesia-based alumina producer, is raising about $256 million in an accelerated bookbuild placement, a fast-track institutional share sale, according to a term sheet.
The company is selling 31 million new shares at HK$64.50 ($8.27) each, a 6.4% discount to the stock’s last close on January 21, the term sheet that was seen by Reuters showed.
The all-primary deal represents about 5.3% of existing shares outstanding and about 5.0% of the enlarged share capital.
Proceeds will be used 90% for its potential electrolytic aluminium and related raw materials and ancillaries businesses, and 10% for general working capital, according to the sheet.
CICC is acting as overall coordinator, joint placing agent and capital market intermediary.
Reuters
