Chalco To Sell Up To CNY20B Debt To Supplement Working Cap

Aluminum Corp. of China Ltd. (ACH), or Chalco, said late Fridayit plans to sell up to CNY20 billion ($2.93 billion) worth of debt to supplement working capital and repay bank loans.

The alumina and aluminum producer said in a statement it proposes to sell up to CNY10 billion worth of bills with maturities of no more than one year and up to CNY10 billion worth of medium term notes with maturities of no more than five years.

The sale plan is still subject to shareholders' approval.

The company didn't give a timetable for the deal.

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