China Hongqiao (01378) said it agreed to acquire the entire equity interest in Binzhou Municipal Beihai Xinhe New Material at Rmb2,120 million.
The target company is mainly engaged in the production and sales of alumina, aluminum plate, aluminum foil, aluminum belt, and other aluminum products. At present, it owns a designed annual product capacity of alumina of 2 million tons and generators units with 240MW.