NANSHAN AL INTL (02610) announced that on January 22, 2026, the company, the seller (Nanshan Aluminium Investment Holding Limited, a controlling shareholder), and the placing agent entered into a placing and subscription agreement. According to the agreement, (a) the seller agreed to appoint the placing agent, who in turn agreed to use its best efforts to procure buyers to purchase the sale shares (31 million shares) at the placing price of HK$64.50 per share; and (b) the seller conditionally agreed to subscribe, and the company conditionally agreed to allot and issue the subscription shares (also 31 million shares, equal to the number of sale shares) to the seller at the subscription price, which is equivalent to the placing price, under the general mandate. Assuming the sale shares are fully placed, they represent approximately 5.26% of the total issued shares as of the date of this announcement, and approximately 5.00% of the enlarged issued share capital upon completion of the subscription. The placing price of HK$64.50 per share represents a discount of approximately 6.39% to the closing price of HK$68.90 per share on January 21. Assuming the subscription shares are fully placed, the gross proceeds and net proceeds from the subscription are expected to be approximately HK$1.9995 billion and HK$1.9868 billion, respectively. The net proceeds from the subscription are intended to be used as follows: 90% will be allocated to the Group's potential electrolytic aluminum and related raw materials, as well as auxiliary businesses; and 10% will be used for the Group's general working capital.
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