Chalco seeks 35.3% of Ningxia Electric
Source: Bloomberg News |
August 14, 2012, Tuesday
|
Print Edition
Print Edition
ALUMINUM Corp of China Ltd, the nation's biggest producer of the lightweight metal, agreed to buy 35.3 percent of Ningxia Electric Power for 2.02 billion yuan (US$318 million) to boost energy efficiency.
The company, known as Chalco, will buy 23.4 percent of Ningxia Electric from Bank of China Group Investment Ltd for 1.35 billion yuan and 11.9% from China Zhongtou Trust for 675 million yuan, according to statements to the Shanghai and Hong Kong stock exchanges yesterday.
"The proposed acquisition will fulfil the strategic transformation and structural adjustment targets of the company, accelerate industry allocations and improve its energy and resources self-sufficiency," Chalco said.
Chalco will become the biggest shareholder of Ningxia Electric after the acquisition.
The company, known as Chalco, will buy 23.4 percent of Ningxia Electric from Bank of China Group Investment Ltd for 1.35 billion yuan and 11.9% from China Zhongtou Trust for 675 million yuan, according to statements to the Shanghai and Hong Kong stock exchanges yesterday.
"The proposed acquisition will fulfil the strategic transformation and structural adjustment targets of the company, accelerate industry allocations and improve its energy and resources self-sufficiency," Chalco said.
Chalco will become the biggest shareholder of Ningxia Electric after the acquisition.
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