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Chalco to sell 60pct stake in Chalco Nanhai Alloy Corp for RMB119.58 mln

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2013-12-30 GMT+8:00

BEIJING, Dec. 30 (Xinhua) -- China's largest aluminum producer Aluminum Corp. of China Ltd, or Chalco (ACH.NYSE; 02600.HK; 601600.SH) has quoted to sell a 60 percent stake in Chalco Nanhai Alloy Corp. for 119.58 million yuan, according to the Shanghai United Assets and Equity Exchange.

After the equity transfer, Chalco will still hold a 40 percent stake in its subsidiary.

Chalco Nanhai Alloy Corp with a registered capital of 184 million yuan is engaged in the processing and trade of nonferrous metals. The company incurred a net loss of 26.37 million yuan in 2012 with operating revenue at 94.14 million yuan.

In the first eleven months of 2013, the company suffered a net loss of about 14.19 million yuan with operating revenue at 139.29 million yuan.

The base date of assets evaluation is December 31, 2012. The net book value of Chalco Nanhai Alloy is 149.27 million yuan, while its assessed value stands at 199.29 million yuan.

It is the latest move of Chalco to sell aluminum processing assets to reverse losses. On May 10, Chalco announced a plan to sell stakes in eight aluminum processing subsidiaries.  (Edited by Hu Pingchao, hupingchao@xinhua.org)

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