Sanmenxia Aluminum

Fuda Alloy announced a major restructuring to acquire 100% of Sanmenxia Aluminum through asset swap and share issuance, valued at CNY 15.56 billion. The deal includes a CNY 3 billion fundraising for a 1.2 million ton alumina project.

Fuda Alloy will swap all its assets and liabilities (valued at 1.03 billion yuan) for shares of Sanmenxia Aluminum, valuing the latter at 15.56 billion yuan. The deal will make Jinjiang Group the controlling shareholder of the listed company.

Sanmenxia Aluminum plans to list on the Shanghai Stock Exchange through a reverse merger with Fuda Alloy. Fuda Alloy will swap its assets (valued at about CNY 850 million) and issue shares to acquire 100% of Sanmenxia Aluminum for up to CNY 15.2 billion. The deal will make Jinjiang Group the new controlling shareholder.

Mingtai Aluminum (601677.SH) plans to acquire a 2.5% stake in Sanmenxia Aluminum, a leading alumina producer, for CNY 400 million in cash from Hangzhou Jinjiang Group and Ningbo Kaiwen Investment.