HONG Kong-listed Aluminum Corp of China Ltd (Chalco) plans to raise up to Yu8 billion through the issue of A-shares in Shanghai.The proceeds will be used to fund the company's expansion plans. Chalco will seek approval from its shareholders on June 9 for the sale of around 1.5 billion yuan-denominated A-shares, which it intends to list on the Shanghai Stock Exchange. The issue must also be approved by China's Securities Regulatory Commission. Chalco said the new A-shares would represent approximately 19.35 percent of all of its domestic shares currently on issue. The net proceeds will be used to fund nine expansion projects in China, including five alumina growth projects, and one aluminium and power-generation project. The largest single investment, of Yu 2.00 billion, will be in a brownfield alumina project in Guangxi Province. Yu 1.97 billion will be used to fund the expansion of an alumina operation in Henan Province, and Yu 1.72 billion will be used to fund expansion and environmental improvements at the company's Guizhou alumina refinery in southern China.
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