Beijing, March 14 (Xinhua) China Aluminium Corporation (Chalco), the largest aluminium maker in China, is to issue RMB-denominated shares in early April after posting a 67-percent rise in earnings in 2006.
The company plans to issue 1.24 billion shares to raise 8.2 billion yuan ($1.06 billion) to buy two domestic listed companies, Shandong Aluminum and Lanzhou Aluminum.
Preparations were well underway and the company would issue bonus stocks for late 2006 after completing mergers with the two companies through share-swapping operations, said Xiao Yaqing, chairman and CEO of Chalco.
The bonus stocks available are valued at 1.48 billion yuan ($192 million).
Chalco, the world's second largest aluminium maker, reported a net profit of 11.74 billion yuan ($1.52 billion) last year despite sliding prices for its main product in the second half of last year.
The company has beefed up overseas acquisitions and merged with aluminium makers at home in the hope of boosting production, especially in aluminium, to help mitigate the impact of lower prices.
The company was listed on New York Stock Exchange and Hong Kong Stock Exchange in 2001.
豫公网安备41010502003434号