CITIC Resources Further Cuts Alcoa Stake With Nearly $119 Million Share Disposal

MT Newswires Live03-06

CITIC Resources (HKG:1205) said its wholly owned unit CITIC Resources Australia sold 1.9 million shares of Alcoa on Wednesday in New York for about $118.7 million, according to a Thursday Hong Kong bourse filing.

Shares of the natural resource company were up more than 5% in Friday morning trade.

The shares were sold on the New York Stock Exchange at an average price of $62.451 each.

Following the disposal, the group continues to hold nearly 1.7 million Alcoa CHESS Depositary Interests and 551,306 Alcoa shares, representing about 0.86% of Alcoa's issued share capital.

The company said the sale was made to improve liquidity and rebalance its investment portfolio, with proceeds to be used for general working capital and potential future investments.

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