Special Announcement
In October 2011, China Zhongwang announced major transactions in relation to the development of the synergistic aluminium flat rolled product business. The Group kick-started the development of the project as per its plan and entered into a total of six equipment purchase agreements with three independent third party suppliers via two wholly owned subsidiaries. According to the agreements, the Group will invest approx. USD3.8 billion (approx. HKD29.5 billion) in total payable in four instalments between 2011 and 2014 for the purchase of hot continuous rolling mills and cold rolling mills for the production of medium-to-high thickness plate and sheet products, smelting and casting lines, quenching furnaces and heat treatment furnaces for the ancillary production of medium-to-high thickness plate and sheet products, and aluminium foil rolling mills, amongst others, for Phase 1 development of the aluminium flat rolled manufacturing base which will have an annual production capacity of 1.8 million tonnes.
And in November 2011, through Panjin Zhongwang Aluminium Co., Ltd., a wholly owned subsidiary of the Company, China Zhongwang won the bid for the usage right of two pieces of land in Panjin City, Liaoning Province through public auction at a total consideration of RMB643 million. The Land will be used for the construction of the new facility for the manufacturing of aluminium flat-rolled products in Panjin City.
Read more about this topic: China Zhongwang
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