Yunnan Metallurgical Group bought Alcoa Shanghai Aluminum Products Co., Ltd.

Recently, Yunnan Metallurgical Group Co., Ltd. signed an agreement with Alcoa, to buy 100% stake of Alcoa (Shanghai) Aluminum Products Co., Ltd. After that, it is injected into Yunnan Xinmeilu by way of overall additional shares.

Because this deal needs to be approved by related government departments, and it is expected to be concluded in October 2009. Dong Ying, president of Yunnan Metallurgical Group stated that after the purchasing, in principle, the original management group and employee team will be left unchanged, and then the actual buying price will be injected into Yunnan Xinmeilu Aluminum Foil Co., Ltd., so the Alcoa Shanghai Aluminum Products Co., Ltd. turns into the fully-owned subsidiary of Yunnan Xinmeilu Group.

Yunnan Metallurgical Group will take advantage of process equipment, craftwork control and operating management as well as unique geographic advantage including market, information and talents, after 3-5 years' efforts, to succeed establishing the company as leading and influential enterprise in the same industry at home and abroad. Yunnan Xinmeilu Aluminum Foil Co., Ltd. is a joint venture co-founded by Yunnan Metallurgical Group, Yunnan Zhongyan Material Co., Ltd. and Alcoa, whose registered capital is US$67mln.

It is said that Yunnan Metallurgical Group will increase capital investment according to Yunnan Xinmeilu's new shareholding structure to realize majority shareholding to Yunnan Xinmeilu with over 55% of shareholding proportion.

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