China Hongqiao Invested 1bn to Built Alumina JV in Indonesia

(China Aluminum Network) China Hongqiao Group Limited (01378) announced to build a joint venture with Winning Investment, PT©qCita and PT©qDanpac in Indonesia, held 60%, 10%, 25% and 5% of share respectively. The JV’s issued capital was 94bn IDR ( 75,000 thousand HKD).

This joint venture will establish and manage alumina manufacturer with at least 2,000 thousand tons of planned annual output in West Kalimantan, the products will sell in Indonesia and abroad.

The company expected total investment amount may about 1bn dollars, the last investment will made at the end of 2015 or before. Each company will supply and deposit concerned fund as amount of contribution to capital according to the demand of JV during capital increase period.

The company hold that to establish and manage JV will help the company to stabilize raw material supply for aluminum products production.

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