Top 5 News From ChinaKnowledge.com
Sep. 1, 2009 (China Knowledge) – China Metallurgical Co Ltd, a subsidiary of China Metallurgical Group Corp, plans to sell at least 2.87 billion shares via an initial public offering on the Hong Kong Stock Exchange to raise about US$2.3 billion, according to the firm’s prospectus, sources reported.
The deal is likely to be the largest IPO on the Hong Kong bourse in 18 months.
If an over-allotment option is exercised, the company will sell up to 3.3 billion of the new H shares, which are expected to be listed on Sep. 24.
China Metallurgical yesterday started pre-marketing for its A-share IPO. The company plans to issue 3.5 billion A shares to raise about RMB 16.85 billion. The company will start an official road show for the A-share IPO on Sep. 7 and will undertake an H-share road show during the period from Sept. 11 to Sep. 16.
Media reported earlier that China Metallurgical is in talks with institutions including China Investment Corp and CITIC Pacific Ltd<0267> as part of its plan to introduce five to eight cornerstone investors for the H-share IPO.
CITIC Securities Co Ltd<600030> has been hired as the lead underwriter for the A-share issuance, while Citigroup, Morgan Stanley, China International Capital Corp and CITIC Securities will be the book runners for the H-share issuance.
Shen Heting, the former general manager of the China Metallurgical Group Corp (MCC), a state-owned company, was expelled from the Communist Party for corruption at home, according to a notice from China’s State-owned Asset Supervision and Administration Commission, Beijing’s state assets watchdog. Being expelled from the party is a de facto political death sentence for a state company executive.
The Chinese Metallurgical Corporation (MCC) camp at Mes Aynak (also Mes Ainak), in Logar province, Afghanistan, to house workers at one of the world’s largest known copper deposits. MCC paid the government of Afghanistan $3billion and pledged to built a railway in exchange for rights to extract the metal, which sits beneath a series of ancient Buddhist shrines. Afghan and international archeolohists from the French organisation DAFA, are working to excavate a series of Buddhist monasteries before they are destroyed by an open cast pit. They have already transferred 400 historical artefacts to Afghanistan’s National Museum in Kabul.
The president also signaled he would withdraw United States troops from America’s longest war, following the collapse of a monthslong effort to ease violence in Afghanistan.
Not that I want to take the NY Times word for it because they lie, it’s weird to me that Nancy and Chuck went to Afghanistan to do what? If the talks were dead, why did they go? Political reasons? Did they tell them Our candidate will clear the way?
As the President has said, he could finish this in one month. Maybe he should, what’s your opinion?
The U.S. military has ended a controversial bombing campaign that targeted Taliban drug labs across Afghanistan, without appearing to significantly disrupt the group’s ability to generate revenue from the illegal narcotics trade.
The Taliban controls 90% of the illicit heroin trade in the world. The money they make goes toward terrorism around the world. The US decided to stop bombing the labs in hopes of peace talks. Is anyone surprised these talks broke down? As our commenters said, no countries have ever been able to win in Afghanistan. That’s a true statement.
We aren’t in this war on the war on drugs. If your enemy is financing terrorism with the sale of poppy tar, than what do you do? Catch 22? Sure up our borders and ports? Blow the Taliban back to the dark ages (just the way they like it)?
Here’s my next question, Where is the Taliban get their weapons?
As the United States and the Taliban edge closer to inking a “peace deal” – having reportedly ironed out discrepancies over U.S pullout from Afghanistan and an agreement not to allow the conflict-laden country to become another terrorist sanctuary – the insurgency outfit has continued its dominance, daily attacks and bloodletting unabated.
Gluck also pointed out that, at times, “the Taliban is fighting the U.S. and U.S. interests… with U.S weapons.”
Worth investigating! Find the traitors! More to come on Afghanistan.