Business Activities News
- Shareholders approve Chalco buyout deal
Date: 18-Jan-2007 Sources: (Shenzhen Daily)
SHAREHOLDERS of two units of Aluminum Corp. of China Ltd. (Chalco) approved a plan for their parent to buy them out, paving the way for Chalco's US$1 billion A-share listing in Shanghai, the two Shanghai-listed units said yesterday.
Hong Kong-listed Chalco plans to issue 1.24 billion A shares at 6.60 yuan (US$0.85) each following the buyout. It has said it hopes to complete its Shanghai listing by early April. Chalco will issue 604.8 million A shares to swap with those shares of alumina maker Shandong Aluminum Industry Co. it doesn't already own, and 631.93 million A shares to swap with non-Chalco shares in Lanzhou Aluminum Co.
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