Citic buys 13% stake in Alumina

China's Citic makes a $468 million strategic investment in Melbourne-based Alumina.

Citic buys 13% stake in Alumina

China’s state-owned Citic Group will pay A$452 million $468 million for a 13% minority stake in Australia’s Alumina. The move signals its expectation of an upturn in aluminium prices and reflects China’s increasing dependence on alumina imports.

Citic Resources intends to buy a 7.8% stake and its parent company Citic Group will purchase a 5.2% interest through a 366 million share placement, according to a statement by Alumina on Thursday. The placement at A$1.235 a...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...