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Companies

CRMC may seek to raise 10b yuan from IPO

By HELEN YUAN (China Daily)
Updated: 2010-05-13 11:31
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SHANGHAI - China Railway Materials Commercial Corp (CRMC), a State-owned infrastructure developer and steel trader, may seek to raise about 10 billion yuan ($1.5 billion) in an initial share offering next year.

The company may seek a listing in Hong Kong and Shanghai, as part of the government's push for State firms to restructure, Vice-President Liu Guoping said on Wednesday at the Mining & Asia Focus 2010 conference in Shanghai.

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The trader, which has bought stakes in Australian and African iron ore developers, is still seeking investments in the Pilbara region in Western Australia, Liu said, without giving details. A 40 percent tax proposed by the Australian government on mining profits won't deter plans, though Chinese companies may look more at other countries, he said.

China Railway Materials join rivals including Metallurgical Corp of China Ltd and China Railway Construction Corp in seeking public offerings to fund expansions. The company last month agreed to invest 167.8 million pounds ($250 million) to buy a stake in African Minerals Ltd.

The two companies will develop the Tonkolili iron ore project in Sierra Leone, African Minerals said April 1. China Railway will help renovate an existing railway line, and then build 220 kilometers of tracks in 2011, Liu said.

Bloomberg News