XinRen to increase stake in aluminum smelter for 3.15 bn yuan

XinRen Aluminum Holdings, the China based firm has agreed to raise their stake in aluminum smelter from 21% to 51% for 3.15 bn yuan.

XinRen talked about their decision to use its option of raising its stake in Xinjiang Production, the leading International Group in China and Construction Corps Agricultural Division Eight Xinjiang Tianshan Aluminum Plant Co.

The purchase of the stake will be sourced from the internal sources; borrowings from bank and also include proceeds from the fundraising exercises.

XinRen said their decision will help them in consolidating the results of lucrative enterprise. This enterprise contributed a total of 93.6 million yuan to the net profit of the group last year.

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