DJ Midas Holdings Signs Letter Of Intent With Chinalco For JV

Singapore-listed Midas Holdings Ltd. (5EN.SG) Thursday said it signed a letter of intent with Aluminium Corp. of China, or Chinalco, to establish a joint venture company.

Midas, in a filing with the Singapore Exchange, said it will take a 35% equity stake in the joint venture, which will manufacture thick aluminum alloy plates and sheets.

Chinalco, China's largest aluminum producer, and Northeast Light Alloy Co. Ltd. will own the rest of the company, though the size of their stakes hasn't been determined. Chinalco has a controlling interest in Northeast Light Alloy, Midas said.

Chinalco will have the right to acquire part of Northeast Light Alloy's stake in the joint venture to become the controlling shareholder, the statement said.

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