Aluminum Corporation of China Ltd. (Chalco) (02600.HK, 601600.CN) said on Monday that its wholly-owned subsidiary Chalco Hong Kong Ltd. plans to transfer to an affiliate the 65 percent equity interest it holds in Chalco Iron Ore Holding Ltd. The stake will be transferred to Aluminum Corporation of China Overseas Holdings Ltd., another wholly-owned unit of Chalco, it said in a regulatory filing. Before the agreement takes effect, Chalco Hong Kong will first transfer its debt worth US$439 million borrowed from China Development Bank Corp. to Aluminum Corporation of China Overseas Holdings Ltd., it said. Both deals need to be approved by shareholders.
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