Chang Aluminum is set for a change in ownership after its controlling shareholder, Qilu Caijin Investment Group, agreed to sell a 22.38 per cent stake in the company to Shandong Jixin Industrial Development.
The proposed transaction values the shares at RMB 5.79 (USD 0.86) each, putting the total deal value at around RMB 1.338 billion (USD 197.9 million).
If the transfer is completed, control of the company will change hands, with Jixin Industrial Development becoming the new controlling shareholder, replacing Qilu Caijin.
The transaction will also result in a change in the company’s actual controller. Oversight would shift from the State-owned Assets Supervision and Administration Commission of the Jinan Municipal People’s Government to the Jinan New and Old Kinetic Energy Conversion Pilot Zone Management Committee.
The company said the share transfer is being carried out through a non-public agreement arrangement.
Following the announcement, Chang Aluminum confirmed that trading in its shares resumed when the market opened on June 16.