Chinese manganese producer launches IPO
December 14, 2010 | BY
clpstaff &clp articlesPRC-based manganese producer, Citic Dameng Holdings (Citic Dameng) has raised US$266 million in its initial public offering (IPO) on the Hong Kong Stock…
PRC-based manganese producer, Citic Dameng Holdings (Citic Dameng) has raised US$266 million in its initial public offering (IPO) on the Hong Kong Stock Exchange. The issuer is a spin-off from Citic Resources Holdings, a Chinese energy and resources company controlled by the Citic Group of China.
The issuer plans to use proceeds from its IPO for fund development, construction projects, mine and relevant facilities acquisitions, pay back bank loans and replenish working capital. The lead underwriters of the transaction were Citic Securities, Bank of America Merrill Lynch and UBS.
The issuer was advised by Skadden Arps Slate Meagher & Flom as to Hong Kong and US law aspects, while it was represented by Jingtian & Gongcheng as to PRC law aspects. A Freshfields Bruckhaus Deringer team led by Kay Ian Ng and Calvin Lai served as counsel to the underwriters. The underwriters' Chinese counsel was Commerce & Finance Law Offices.
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