The China Securities Regulatory Commission said it has approved Anhui Conch Cement’s planned additional A-share issue.
Anhui Conch said earlier that it plans to sell up to 200 mln additional A shares this year to fund projects worth 12.04 bln yuan.
After the share sale, the company plans to spend 6.23 bln yuan on technology upgrade, and around 3.29 bln yuan to improve energy efficiency. It also plans to spend 2.52 bln yuan on environment-related endeavours and repayment of bank loans.
Anhui Conch shares today closed down 4.3 hkd or 9.18 pct at 42.55 in Hong Kong.