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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  CITIC Ltd    0267   HK0267001375

CITIC LTD (0267)
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Citic to Take 19.9% Stake in Ivanhoe Mines

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06/11/2018 | 03:35pm CEST

By Colin Kellaher

Ivanhoe Mines on Monday said a unit of Chinese conglomerate Citic has agreed to take a 19.9% stake in the miner for about 723 million Canadian dollars (US$560 million).

Ivanhoe said it will use the proceeds to advance its mine development projects in Southern Africa.

The company said it will issue 196.6 million common shares to Citic Metal through a private placement at a price of C$3.68 each. Ivanhoe shares closed Friday at C$3.23.

Ivanhoe said Citic Metal will become its largest single shareholder with the 19.9% stake. Ivanhoe Executive Chairman Robert Friedland will be Ivanhoe's second-largest holder, with a more than 17% interest.

Ivanhoe said China's Zijin Mining Group Co, which acquired a 9.9% stake in the miner in 2015, will be entitled to exercise its anti-dilution rights through a concurrent private placement, which could result in additional proceeds of C$78 million.

Ivanhoe said Citic Metal has agreed to provide a nine-month interim loan of US$100 million while the companies seek approval for the private-placement transaction.

Write to Colin Kellaher at colin.kellaher@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CITIC LTD -0.72% 10.96 End-of-day quote.-3.01%
GOLD 0.93% 1186.32 Delayed Quote.-9.77%
IVANHOE MINES LTD -1.91% 2.05 Delayed Quote.-51.65%
ZIJIN MINING GROUP CO., LTD. -0.31% 3.23 End-of-day quote.-29.63%
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Financials (HKD)
Sales 2018 444 B
EBIT 2018 113 B
Net income 2018 -
Debt 2018 303 B
Yield 2018 3,37%
P/E ratio 2018 6,75
P/E ratio 2019 5,87
EV / Sales 2018 1,41x
EV / Sales 2019 -0,78x
Capitalization 321 B
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Technical analysis trends CITIC LTD
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Mean consensus HOLD
Number of Analysts 4
Average target price 12,5  HKD
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Jiong Wang Vice Chairman & President
Zhen Ming Chang Chairman
Wai Keung Siu Independent Non-Executive Director
Jin Wu Xu Independent Non-Executive Director
Zhong Yuan Liu Non-Executive Director
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