por carl_ » Jue Jul 29, 2010 9:44 am
ASIA BUSINESSJULY 29, 2010
Chinalco to Hold Signing Ceremony
BEIJING—Chinese metals major Aluminum Corp. of China, also known as Chinalco, will hold a signing ceremony Thursday in Beijing, an event that comes as the shares of its listed flagship unit were suspended from trading Wednesday pending discussion of a significant issue.
The ceremony will include National Development and Reform Vice Chairman Zhang Xiaoqiang and State-owned Assets Supervision and Administration Commission Vice Chairwoman Huang Danhua, while China's Commerce Minister Chen Deming has also been invited to the ceremony,a senior Chinalco official said Wednesday.
The signing ceremony will take place at the Great Hall of the People on Thursday afternoon, according to the invitations the company sent out.
Shares of Aluminum Corp. of China Ltd. were halted on the Shanghai and Hong Kong stock exchanges Wednesday as the company is discussing a "significant issue." according to a company statement.Responding to a query on the nature of the ceremony, Chinalco Vice President Lu Youqing said the company is still finalizing details and declined to elaborate.
Chalco, as the unit is known, said its shares will likely resume trading in Shanghai on Friday. Its yuan-denominated A-shares have risen nearly 14% in the past seven sessions.
Chinalco is China's largest alumina and aluminum producer by output, but in recent years has also been expanding its operations into other minerals. It is the largest shareholder in global mining giant Rio Tinto PLC.
Chinalco's $14 billion purchase of a 9% stake of Rio Tinto helped to boost China's outbound direct investments in 2008, underscoring the hunt by Chinese state-controlled enterprises for mining assets around the world.
The hall is a cavernous edifice in the heart of the capital where major events take place with senior government officials in attendance.