Business Activities News
- Chalco to delist units, issue A shares
Date: 30-Nov-2006 Sources: (Shenzhen Daily)
ALUMINUM Corp. of China Ltd., or Chalco, is likely to issue shares on the mainland in the near future while taking two listed subsidiaries private, the Shanghai Securities News said yesterday.
Trading in Hong Kong-listed Chalco, the world's second-largest alumina producer, was suspended yesterday, as was trading in its Shanghai-listed units Shandong Aluminum Industry Co. Ltd. and Lanzhou Aluminum Co. Ltd.
Chalco would likely merge the two units and exchange their shares with its own mainland-listed A shares, the paper said.
Chalco owns about 71 percent of Shandong Aluminum and about 28 percent of Lanzhou Aluminum.
Mainland-listed companies have been reforming their shares since last year to convert their State-owned non-freely tradable shares into ordinary A shares that can be bought and sold in the domestic stock markets.
Domestic metals firms in particular have been using the share reforms to consolidate and simplify their corporate structure.
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