Chalco to Acquire Stakes in 3 Firms from Sister Company

MT Newswires Live11-26

Aluminum Corporation of China or Chalco (HKG:2600, SHA:601600) said it would acquire further stakes in Yunlv Yongxin, Yunlv Runxin, and Yunlv Hongxin from sister firm Yunnan Metallurgical in multiple cash transactions, according to a Hong Kong bourse filing Tuesday.

Shares of the aluminum company fell nearly 3% in morning trade Wednesday.

The firm will pay 1.45 billion yuan to acquire a 28.7% equity interest in Yunlv Yongxin; 787.7 million yuan to acquire a 27.3% equity interest in Yunlv Runxin; and 28.2 million yuan to acquire a 30% interest in Yunlv Hongxin.

Following the sale, the firm will hold 96.1%, 97.5%, and 100% equity interests in Yunlv Yongxin, Yunlv Runxin, and Yunlv Hongxin, respectively.

Chalco will make the purchases via its Yunnan Aluminum (SHE:000807) unit.

Chalco, Yunnan Aluminum, and Yunnan Metallurgical are all subsidiaries of state-owned Chinalco.

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