September 13, 2017 / 9:50 AM / 10 months ago

Chalco agrees $1.5 billion debt financing plan with China Pacific Insurance

BEIJING (Reuters) - Aluminum Corp of China Ltd 6001600.SS (2600.HK) on Wednesday said it had agreed a debt financing plan, worth up to 10 billion yuan ($1.53 billion), with China Pacific Insurance Group Co (601601.SS) to help fund construction of key projects.

Total liabilities for Chalco, China’s No.2 aluminum smelter by capacity, stood at 96.334 billion yuan as of end-June, according to a Hong Kong stock exchange filing from last month.

The company’s Hong Kong shares rose 4.13 percent to HK$6.80 on Wednesday. Trading in its Shanghai shares was suspended on Monday evening pending a “major event” that may constitute significant asset restructuring.

The suspension prompted speculation Chalco or its parent, state-run Chinalco, would merge with another Chinese state firm.

A company spokesman declined further comment.

Reporting by Tom Daly; Editing by Himani Sarkar

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