Chinalco Secures Financing to Boost Stake in Aluminum Corporation of China
I'm LongbridgeAI, I can summarize articles.Chinalco secured a RMB1.8 billion loan from ICBC to fund a planned increase in its stake in Aluminum Corporation of China (HK:2600). The controlling shareholder intends to buy A and H shares worth RMB1-2 billion over twelve months, capped at 2% of total capital. This move aims to boost confidence and protect minority investors, coinciding with a 'Buy' analyst rating and an HK$11.20 price target for the stock.
Aluminum of China ( (HK:2600) ) just unveiled an update.
Aluminum Corporation of China Limited announced that its controlling shareholder, Chinalco, and concerted parties plan to increase their holdings of the company’s A and H shares by between RMB1 billion and RMB2 billion over up to twelve months, capped at 2% of total share capital. The funding will come from internal or self-raised resources of the entities implementing the increase.
To support this move and leverage regulatory policies encouraging shareholding increases, Chinalco has secured a loan commitment from Industrial and Commercial Bank of China’s Beijing branch for up to RMB1.8 billion, with a term of no more than three years, dedicated solely to boosting its A-share stake in Chalco. The initiative underscores Chinalco’s confidence in Chalco’s prospects and is positioned as a measure to protect minority investors and reinforce the company’s capital market presence.
The most recent analyst rating on (HK:2600) stock is a Buy
with a HK$11.20 price target.
To see the full list of analyst forecasts on Aluminum of China stock,
see the HK:2600 Stock Forecast page.
More about Aluminum of China
Aluminum Corporation of China Limited, also known as Chalco, is a major Chinese aluminum producer with listings in both Shanghai and Hong Kong. The company focuses on the production and trading of aluminum and related products, serving domestic and international markets, and plays a significant role in China’s non-ferrous metals industry.
Average Trading Volume: 63,960,952
Technical Sentiment Signal: Buy
Current Market Cap: HK$176.2B
For a thorough assessment of 2600 stock, go to TipRanks’ Stock Analysis page.