HONG KONG (Dow Jones)-- China Zhongwang Holdings Ltd. (1333.HK), Asia's largest aluminum extrusion manufacturer by capacity, said Tuesday it plans to acquire smaller rival Qinghai Guoxin Aluminum Industry Incorporated Co. for CNY1.2 billion (US$175.5 million).
Zhongwang said in a statement the acquisition will increase its annual capacity by 120,000 metric tons. Zhongwang said its annual capacity was about 600,000 tons at the end of 2009.
Zhongwang said it signed a framework agreement on the acquisition with Qinghai Guoxin's current owners--Xining Municipal Investment Management Ltd. and Qinghai Northwest Aluminum Alloy Material (Group) Ltd. Zhongwang said it will start due diligence work soon.
- By Aries Poon, Dow Jones Newswires; 852-2832-2332; aries.poon@dowjones.com
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