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[China]
Posted on : Jun 08, 2009

China Metal Recycling, China's largest scrap metal recycling company by revenue,
is seeking up to HK$1.55 billion from its Hong Kong float. The Guangzhou-based
firm plans to offer 300 million shares at a price ranging between HK$3.98 and
HK$5.18 per share, according to market sources. The range represents 9.5 times
to 12.3 times the earnings per share of 42 HK cents for the year ended December
31.

According to the preliminary prospectus, CMR will use about 60% of the net IPO
proceeds to pay off the notes that were bought in 2007 by UBS and two hedge fund
managers -- Spinnaker and ADM. The notes carry a high coupon of 8.5% and are
also highly restrictive in terms of how much other borrowings the company can
take on. CMR told investors yesterday that it has already lined up other loan
possibilities in the domestic bank market, which will not only be cheaper but
will also come with a tax benefit.

China Metal posted net profit of HK$294.4 million in 2008, more than double the
previous year's HK$137.7 million. The company, which recycles both ferrous and
nonferrous metals, such as iron, steel and copper, said it plans to invest
HK$134 million this year, mainly on building new recycling plants to boost
capacity.

The company's existing recycling facilities are located in the Guangdong and
Jiangsu provinces and in Hong Kong. It is also in the process of setting up a
second facility in Jiangsu, as well as new facilities in the city of Tianjin and
in the Zhejiang province, which are expected to be completed by the end of the
third quarter this year and will almost double its annual production capacity to
3.1 million tonnes from 1.6 million at present. It also plans to open a new
recycling facility in Hubei province in central China in 2010, which will
increase the capacity to 3.6 million tonnes.
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