XinRen to raise stake in aluminum smelter to controlling 51% for $640 million
Published on Apr 3, 2014 6:08 PM
China-based XinRen Aluminum Holdings has agreed to increase its stake in an aluminum smelter to a controlling 51 per cent from 21 per cent for 3.15 billion yuan (S$640 million).
Mainboard-listed XinRen said it had decided to exercise its option to raise its stake in China Leading International Group, which fully owns the smelting plant, Xinjiang Production and Construction Corps Agricultural Division Eight Xinjiang Tianshan Aluminum Plant Co.
The purchase will be financed from internal sources, bank borrowings and may include proceeds from fundraising exercises.
XinRen said the move will enable it to consolidate the results of a very lucrative enterprise, which contributed 93.6 million yuan to group net profit last year.
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