SHANGHAI, Jan. 21 -- The Yunnan Tin group is embarking on two capital raising exercises later this month, with the listed Yunnan Tin Company carrying out a rights issue and the group holding company issuing three year notes. In total some RMB 2.2 billion yuan (US$322 million) is to be raised to help financing of various projects.
Yunnan Tin Co Ltd, the world's largest tin producer, announced on 13 January that it will issue 2.4 shares for every ten shares to existing shareholders to raise around RMB 1.4 billion (US$205 million), according to a statement filed with the Shenzhen Stock Exchange. The issue price will be RMB 8.98 per share, a price 74% lower than RMB 35.1, the previous day's closing price. The listed company will release the result of the issue on 27 January. Meanwhile today Yunnan Tin Group Holding Co. said it will sell 800 million yuan ($117 million) of notes maturing 2013.