Shanghai Datun Energy to buy Sifang Aluminum

Shanghai Datun Energy Resources Co Ltd<600508>, a subsidiary of China Coal Energy Co Ltd<601898><1898>, plans to acquire a 100% equity interest in Xuzhou Sifang Aluminum Group Co from the latter's parent, sources reported.

Shanghai Datun Energy's board agreed to use the firm's own funds to complete the acquisition. The company will pay RMB 91.92 million, Sifang Aluminum's estimated value on Jun. 30, 2009.

The acquisition will help Shanghai Datun Energy implement its development strategy to integrate its business in fields that include coal, electricity, aluminum and shipping, according to a statement of China Coal Energy.

China Coal Energy has appointed Pu Jin as vice president and Weng Qingan as CFO of Sifang Aluminum.

Sifang Aluminum, which has a registered capital of RMB 40.65 million, is mainly engaged in aluminum smelting, aluminum and cast aluminum processing. In 2008 the company generated RMB 989.99 million in operating revenue and saw a net loss of RMB 15.74 million.

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