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Chalco Takes 10% stake in Yunnan Aluminium- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
1/3/2020 管材展-鋼管展-steel tube expo-tube &pipe expo |
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Aluminum Corp of China Ltd, Chalco, would pay CNY 1.29 billion for a 10% stake in regional aluminium producer Yunnan Aluminium via a share offering. In the non-public share offering, Chalco will subscribe for around 314 million shares in Yunnan Aluminium at a price of CNY 4.10 per share. Following the subscription, Chalco will hold a stake of about 10.04% in Yunnan Aluminium. Chalco said “Chalco and Yunnan Aluminium currently compete in the primary aluminium and alumina sectors and the share subscription is conducive to resolving this.
Chalco parent Chinalco took over Yunnan Aluminium last year to consolidate capacity in China''s bloated aluminium sector, closing the gap with private rival China Hongqiao Group. Chalco said in January that Chinalco would start integrating the businesses of the two firms in 2019 and aimed to address the competition problem within five years.
Yunnan Aluminium, which uses Southwest China''s hydropower resources for the energy-intensive smelting process, has 2.1 million tonnes of annual primary aluminium capacity. It produced about 866,000 tonnes in the first half of 2019.
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