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State-owned railway materials company plans to raise 6b yuan through listing

(Global Times)

08:55, July 10, 2012

China Railway Materials Commercial Corp plans to raise up to 6 billion yuan ($943 million) through the Shanghai leg of its proposed Shanghai-Hong Kong dual-listing, down 60 percent from its initial target, its draft prospectus showed.

The State-owned company, which provides supply chain services for railway materials and steel products said it aims to issue up to 2.77 billion A shares in Shanghai and up to about 960 million H shares in Hong Kong. It did not give a fundraising target for the Hong Kong listing.

The firm said in a filing to the Ministry of Environmental Protection in November that it planned to raise 14.7 billion yuan via the Shanghai IPO. Companies with operations that affect the environment, such as miners and oil refinery operators, need to win clearance from the ministry before seeking approval from the securities regulator for IPOs.

The funds would be used in eight projects, including improving its logistics capability, the company said.

China Railway Materials was ranked 430th in the global Fortune 500 in 2011, with $32.5 billion in revenues and $157.1 million in profits in 2011.

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