China's Chalco to buy stakes in six aluminum firms for 4.175 bln yuan

BEIJING (XFN-ASIA) - Aluminum Corp of China Ltd (Chalco) (SHA 601600; HK 2600) said it has signed an agreement with its parent company Chinalco and China Nonferrous Metals Processing Technology Co Ltd involving the purchase of stakes in six aluminum companies for 4.175 bln yuan.

The stakes are 100 pct of Lanzhou Liancheng Longxin Aluminium Co, 100 pct of CSWA Cold Rolling Strip Co, 75 pct of Chinalco Ruimin Strip Co, 60 pct of Chinalco SWA Strip Co, 84.02 pct of Henan Aluminum Fabrication Co, and 56.86 pct of Huaxi Aluminium Co.

About 4.052 bln yuan will be paid to its parent company, while the remainder will go to China Nonferrous Metals, the company said in a statement filed with the Shanghai Stock Exchange.

No further details were provided.

(1 usd = 7.0 yuan)

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