China's Zijin plans $1.8 bln A-shares in Shanghai
HONG KONG, Dec 22 (Reuters) - Zijin Mining Group Co Ltd (2899.HK) said it planned to issue up to 1.5 billion A-shares in a Shanghai listing, which may be worth about HK$14 billion (US$1.8 billion).
The value was based on Reuters' calculation from its closing price of HK$10.30 in Hong Kong on Friday.
China's second-largest gold miner said in a statement late on Friday it forecast its consolidated profit for the whole of 2007 at 2.5 billion yuan (US$339.5 million) based on international financial reporting standards.
Zijin, which reported a 42 percent rise in net profit to 1.7 billion yuan for 2006, had posted net profit of 1.2 billion yuan for the first half of 2007.
The Chinese gold and copper miner said the issue price of the A-shares will be determined by market consultation and will not be lower than 90 percent of the closing price of the company's H-shares preceding the date of A-share listing prospectus.
An application has been made to China Securities Regulatory Commission for listing of the A-shares, it added.
For details of the announcement please click here 221333.pdf Zijin had said in March it planned to issue A-shares before the end of this year. (US$1=HK$7.8=7.363 yuan) (Reporting by Donny Kwok; Editing by Ramthan Hussain)
