Jiaozuo Wanfang Aluminum to bid for RMB 114-mln coal asset

Dec. 7, 2009 (China Knowledge) - Jiaozuo Wanfang Aluminum Manufacturing<000612> plans to bid for a 30% stake in a coal subsidiary belonging to Aluminum Corp of China Ltd<601600><2600>, according to a statement released by the Shenzhen-listed firm. The stake is valued at RMB 114.11 million. The coal subsidiary, which was set up in 2004 with a registered capital of RMB 150 million, is located in Huixian, Henan Province. In the first 11 months of this year, the subsidiary reaped RMB 149.9 million in operating revenue and RMB 25.25 million in net profit. The firm had RMB 1.95 billion in total assets and RMB 1.44 billion in total debts as of Nov. 30. Jiaozuo Wanfang Aluminum Manufacturing is 29%-owned by Aluminum Corp of China and 11.01%-owned by Jiaozuo Wanfang Group. In the third quarter of this year, its net profit was RMB 111.05 million, up 63.56% year on year, but its total operating revenue decreased 8.77% year on year, reaching RMB 1.36 billion. Copyright © 2009 www.chinaknowledge.com