Aluminum Corp. of China Limited or Chalco (HKG:2600, SHA:601600) unit Baotou Aluminum will absorb and merge with non-wholly-owned subsidiary Inner Mongolia Huayun New Materials, a Feb. 28 bourse filing said.
Upon completion, Inner Mongolia Huayun New Materials will be cancelled, with Baotou Aluminum as the surviving company. Chalco will then hold 65.5759% of Baotou Aluminum while controlling shareholder, Aluminum Corporation of China, will hold 34.4241%.
Inner Mongolia Huayun New Materials is currently owned 50% each by Baotou Aluminum and Aluminum Corporation of China.
The absorption and merger has obtained approval from the shareholders of Baotou Aluminum and Inner Mongolia Huayun New Materials.
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