Summary by Moomoo AI
CHINA ALUMINIUM INDUSTRY (CHALCO) ANNOUNCED ON 27 MARCH 2024 THAT IT HAD SIGNED AN INVESTMENT AGREEMENT WITH CHINA'S HIGH-END ALUMINIUM MANUFACTURERS TO JOINTLY ESTABLISH A JOINT VENTURE. The registered capital of the joint venture is RMB4.8 billion, with shares of 60% and 40% respectively in China's aluminum industry and high-end aluminum manufacturing. The initiative aims to jointly invest in flat ingot production lines to drive the green transformation of the aluminum industry and enhance the competitiveness and profitability of corporate brands. The joint venture will be a subsidiary of China Aluminum and its financial results will be consolidated into China Aluminum accounts. Under the Hong Kong Listing Rules, the transaction is a connected transaction, but is exempt from independent shareholder approval due to the small size of the transaction, due to the small size of the transaction. The operations of the joint venture include aluminium smelting, smelting, casting, pressing and non-ferrous metal trading.