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Shen Huo Coal to fully acquire Shenhuo Aluminum
Edited by : AL CIRCLE
1 min read
Capitalvue reported that Henan Shen Huo Coal Industry and Electricity Power, a producer of coal, aluminum products and electricity will acquire 30.62% stake in Shen Huo Aluminum for CNY 383 million.
Upon the completion of the transaction, Shen Huo Aluminum will become a wholly owned subsidiary of Shen Huo Coal.
Shen Huo Aluminium is mainly engaged in the manufacturing, processing and sale of electrolytic aluminium, aluminium alloy, section aluminium and related products. It recorded a loss of CNY 305 million in 2010 and a loss of CNY 262 million in the first 5 months of 2011.
According to Shen Huo Coal, the transaction was aimed at reducing management and operating costs and to improve operational efficiency.
Upon the completion of the transaction, Shen Huo Aluminum will become a wholly owned subsidiary of Shen Huo Coal.
Shen Huo Aluminium is mainly engaged in the manufacturing, processing and sale of electrolytic aluminium, aluminium alloy, section aluminium and related products. It recorded a loss of CNY 305 million in 2010 and a loss of CNY 262 million in the first 5 months of 2011.
According to Shen Huo Coal, the transaction was aimed at reducing management and operating costs and to improve operational efficiency.
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