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Wanfang Aluminum, Chalco To Inject Capital Into Related Party
Edited by : AL CIRCLE
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Jiaozuo Wanfang Aluminum Manufacturing (000612), together with Aluminum Corporation of China (Chalco) (601600,2600.HK), will jointly inject 2.85 billion yuan into Chalco Xinjiang for the latter's coal-fired electricity aluminum integrated project, reports Oriental Morning Post, citing a company filing.
Based on its 35 percent stake in Chalco Xinjiang, Wanfang Aluminum will contribute 1.01 billion yuan, with the remainder to be invested by Chalco.
Chalco Xinjiang, founded in 2011 with a registered capital of 50 million yuan, is engaged in the production of bauxite, other minerals, metallurgical products, carbon products, and is involved in the power generation businesses.
The capital injection will boost Chalco Xinjiang's registered capital to about 2.9 billion yuan.
Chalco Xinjiang generated a loss of 51,7000 yuan in 2011. It did not record any sales, and had total assets of 49.95 million yuan through the end of 2011.
The proposed project was reported to be able to help Wanfang Aluminum improve its profitability as energy costs stayed at elevated levels.
Based on its 35 percent stake in Chalco Xinjiang, Wanfang Aluminum will contribute 1.01 billion yuan, with the remainder to be invested by Chalco.
Chalco Xinjiang, founded in 2011 with a registered capital of 50 million yuan, is engaged in the production of bauxite, other minerals, metallurgical products, carbon products, and is involved in the power generation businesses.
The capital injection will boost Chalco Xinjiang's registered capital to about 2.9 billion yuan.
Chalco Xinjiang generated a loss of 51,7000 yuan in 2011. It did not record any sales, and had total assets of 49.95 million yuan through the end of 2011.
The proposed project was reported to be able to help Wanfang Aluminum improve its profitability as energy costs stayed at elevated levels.
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