Nanshan Aluminium to raise $256 million in share placement, term sheet shows

About this update from Nanshan Aluminium International Holdings Limited

Nanshan Aluminium International Holdings Ltd HKEX:2610, 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.($1 = 7.7961 Hong Kong dollars)

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