China Aluminum Corporation Subsidiaries to Replace Shanshan Assets

According to a large-scale non-ferrous net reprint: China Aluminum announced Thursday evening that the company’s wholly-owned subsidiary, Chinalco Shandong Co., Ltd., plans to replace some of its assets with Shandong Aluminum Co., a wholly owned subsidiary of Chinalco.

The assets replacement was carried out by means of an agreement. The assessed value of the net assets was 288 million yuan, and the assessed value of the net assets placed was 473 million yuan. The difference of 185 million yuan was to be compensated by the company in cash.

In this asset replacement transaction, Chinalco Shandong placed assets as assets (mainly carbon assets) other than the electrolytic aluminum production line in China Aluminum Shandong Electrolytic Aluminum Plant, aluminum processing plants, hospital ward building assets and related liabilities; Chinalco Shandong The assets will be Shandong Aluminum Bayerfa production line.

The company stated that through this asset replacement, it will help straighten out asset management relationships, revitalize existing assets, and enhance the company’s overall competitiveness, in line with the company’s development strategy.