China Zhongwang holdings - the largest aluminium extrusion company in Asia - has announced it sold 100% equity interests of its direct wholly-owned subsidy Zhongwang Aluminum Material to Yidian Luoyang, according to a document found by Fastmarkets in Hong Kong Exchanges' website earlier in the week starting March 2.
Yidian Luoyang procured the aluminium business at a consideration of 4.6 billion yuan ($0.66 billion) due to the high cost of electricity and persistent loss-making in recent years.Market participants said Zhongwang's aluminium production costs...