Asia Aluminum Holdings, which listed on the local stock exchange in April, plans to expand into the United States, Europe and Australia. Chairman Kwong Wui-chun said two contracts worth US$30 million had been signed in the past month to distribute 10,800 tonnes of aluminum extrusion products. He said the company had also won contracts at Shanghai International Airport and Chek Lap Kok airport. He attributed the contracts to increased confidence in the company which was set up in 1992. Since it was listed, shares - which were issued at $1.17 a share - have hit $1.95 before settling back to close last week at $1.79. 'Before we listed, we were still cheaper than other companies but customers would still look at us as another factory in China,' Mr Kwong said. To improve its image, the company has contracts signed through its Hong Kong agent. The agent, a French company, has signed a US$2 million deal to distribute 7,200 tonnes in the first year. The company is in the final stages of negotiating to appoint an agent on the east coast of the US to distribute US$10 million worth of products in the first year. It is also negotiating a project worth 80 million yuan (about HK$74.45 million) in 'one of the biggest property developments' on the mainland. Mr Kwong would not disclose details. The company hopes to expand its 18 stainless steel production lines of 15,000 tonnes per year to 24 lines of 20,000 per year. It said US$3 million of a US$15 million bank loan from Sin Hua Bank was repaid in March. The company earned a net profit of HK$45 million last year and in its listing prospectus, management expects the figure to be not less than HK$95 million before exceptional items in the year to June.