CITIC Resources (01205) announced that the Group holds 9.6117% of Alumina Limited (AWC)'s shares, a leading Australian company listed on the Australian Stock Exchange (stock code: AWC). The Group's investment in AWC is recorded as an associated company of the Group. The Group also has global interests in bauxite mining, alumina refining and selected aluminum smelting operations through AWC's 40% ownership of Alcoa World Alumina and Chemicals Joint Venture (AWAC), the world's largest alumina producer. AWAC's joint venture partner and operator is Alcoa Corporation (Alcoa), whose shares are listed on the New York Stock Exchange (stock code: AA).
The Board of Directors of the Company took note of the announcement issued by AWC on February 26, 2024 relating to a non-binding, indicative and conditional offer by Alcoa to acquire 100% of AWC's issued common shares through a plan arrangement at the cost of 0.02,854 common shares of AWC shares per AWC share.
Furthermore, as disclosed in the AWC announcement, AWC and Alcoa entered into a transaction procedure and exclusive agreement on February 26, 2024, granting Alcoa an exclusive period of 20 business days.