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MMG US$300m share placement

MMG Limited (MMG) today announced a US$300 million New Share Placement to strengthen the Company’s balance sheet and to step into its next phase of disciplined growth.

The final offering of 565 million shares priced at HK$4.15 per share represented an 8.4 per cent discount to prior days closing price, and was increased by 40 per cent due to strong demand from global long-only investors, existing shareholders and multi-strategy investors across the region.

MMG Chief Executive Officer, Geoffrey Gao, said the deal proceeds will bring greater balance sheet flexibility, diversify the shareholder base and further support MMG’s strategy to capture emerging business opportunities.

“MMG’s strategy includes achieving a target annual copper equivalent production of two million tonnes by 2030. The net proceeds from the placement will be applied to fund future acquisitions or projects,” he said.

MMG has successfully executed the two largest metals and mining Hong Kong Stock Exchange (HKEx) follow on transactions in the past 10 years. The latest offering is also the largest metals and mining HKEx equity fundraising since September 2018. This represents the lowest discount metal and mining HKEx follow on, year to date, 2021.

Credit Suisse and CLSA acted as Joint Global Coordinators on the transaction while Credit Suisse, CLSA and Bank of China International acted as Joint Placing Agents.

Please download the full copy of the announcement Placing of New Shares Under General Mandate.


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