Aug 31 (Reuters) –
Yunnan Copper (000878.SZ), China's third-largest copper producer, said on Tuesday it plans to raise 5.45 billion yuan ($801 million) through a private placement of shares to fund the purchase of mining assets from its parent.
Yunnan Copper plans to sell as many as 300 million shares to 10 select institutional investors at 18.64 yuan apiece, the company said in a statement to the Shenzhen Stock Exchange.
About 40 percent of the proceeds will be used to buy mining assets from the parent company, while the remainder will be used to repay loans or as operating capital, the statement said.
Yunnan Copper had said in the past that it would gradually inject its parent's assets into the listed company. ($1=6.80 Yuan)