Chalco to bid for parent's stakes in subsidiaries

Aluminum Corp of China Ltd, or Chalco, is vying to buy 4.175 billion yuan worth of equity stakes in six sister firms from its parent Chinalco, in a move to consolidate the nation's aluminum processing industry.

Aluminum Corp of China, or Chinalco, the parent company and the largest shareholder of listed Chalco, has put the stakes in its six subsidiary companies up for sale in Beijing Equity Exchange, a platform for State assets transactions, to invite public bidding.

"We have high interest in buying the stakes of the six sister companies that Chinalco is selling through Beijing Equity Exchange," Zhang Qing, manager with Chalco's Secretariat of the Board, told China Daily yesterday.