BEIJING, Dec 19 (Reuters) - Aluminum Corp of China Ltd 601600.SS, 2600.HK, referred to as Chalco, s
BEIJING, Dec 19 (Reuters) – Aluminum Corp of China Ltd 601600.SS, 2600.HK, referred to as Chalco, stated on Thursday it will pay 1.29 billion yuan ($183 million) for a 10% stake in regional aluminium producer Yunnan Aluminium 000807.SZ through a share providing.
The transfer is a step in the direction of integrating the 2 corporations.
Chalco father or mother Chinalco, China’s greatest state-owned aluminium agency, took over Yunnan Aluminium final 12 months to consolidate capability in China’s bloated aluminium sector. The takeover helped the group shut the hole on personal rival China Hongqiao Group 1378.HK.
Chalco and Yunnan Aluminium at the moment compete within the major aluminium and alumina sectors, Chalco stated in an announcement to the Hong Kong inventory trade, including that the share subscription “is conducive to resolving” this.
Chalco stated in January that Chinalco would begin integrating the companies of the 2 corporations in 2019 and aimed to deal with the competitors downside inside 5 years.
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