Summary by Moomoo AI
CHINA ALUMINIUM (CHALCO) ANNOUNCED ON 27 MARCH 2024 THAT IT HAD SIGNED AN EQUITY TRANSFER AGREEMENT WITH CHINA COPPER, AGREEING TO TRANSFER 6.68% OF ITS HOLDINGS IN COPPER RESOURCES TO CHINA COPPER. After the transaction is completed, China Aluminum will no longer hold any shares in ZN Copper Resources. This transaction is a connected transaction pursuant to Chapter 14A of the Hong Kong Listing Rules, but is exempt from approval by independent shareholders as the transaction amount is less than 5%. The transfer exchange rate is RMB327,607,280.08, which is based on the results of the asset valuation on November 30, 2023. China Aluminum Group is the controlling shareholder of China Aluminum and China Copper is a subsidiary of China Aluminum Group. China Aluminum said that this equity transfer helped to liquidate underperforming assets, increase the company's working capital and improve asset utilization efficiency.