China Knowledge reported that Aluminum Corporation of China Limited has agreed to acquired 35.3% stake in Ningxia Electric Power Group for CNY 2.02 billion.

The company said that it will purchase a 23.42% stake in the target firm from Bank of China Group Investment Limited for about CNY 1.35 billion. In addition, Chalco has signed an agreement with China Zhongtou Trust Company to buy an 11.88% shareholding in Ningxia Electric Power for CNY 674 million.

Upon the completion of the stake purchases, Chalco will become the largest shareholder of Ningxia Electric Power. Ningxia Electric Power, set up in June 2003, has a registered capital of CNY 3.57 billion. The company is currently 25.26% held by Ningxia State owned Investment Company and 23.66% by Huadian Power International Company Limited. At the end of 2011, the company had installed power capacity of 4.79 GW.

Source - China Knowledge

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