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Xingfa Aluminum Not Clear Partner Possibility With Alcoa
- China Aluminium Network
- Post Time: 2008/4/1
- Click Amount: 571
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Shenzhen, March 30—Xingfa Aluminum co., Ltd will devote in promoting profits after successfully entered the capital market, while not ruling out partnering with foreign companies, said Luo Su, chairman of Xingfa Aluminum.
The development strategy will mainly on consolidating domestic markets with currently seeking for suitable agencies in Middle East to expand its markets there.
Mr. Luo stated that after listing, Xingfa Aluminum will look at more cooperation projects in capital operation, including with partners or acquisitions in the same sector to create more value for shareholders. He also raised the possibility in joining hands with international giants such as Alcoa Inc.
Data shows Alcoa proposed a 80 percent’s acquisition of Xingfa Aluminum in the first half of 2001, aiming to enter Chinese markets by processing advantage and diversity of Xingfa, but the proposal ended in failure, because Alcoa took $2 billion too high.
Mr. Luo didn’t make it clear whether international giants such as Alcoa and Alcan took part in the company’s worldwide allotment. A senior executive from the company released that companies involved in the allotment are mainly from the US, Europe, Hong Kong, Singapore, Alcoa, Alcan.
Currently Xingfa Aluminum is conducting a project located in sanshui, Guangdong province, the first phase will be completed in May this year, with the second planned in 2009. The entire removal project will be finished by the end of next year with estimated industrial aluminum profiles capacity of 150,000 tons by 2010. Source:
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