Aluminum Corp of China (Chalco), the mainland's biggest producer of the metal, will bid for 4.18 billion yuan worth of assets from its state-owned parent company to diversify into downstream aluminium processing.
Chinalco, Chalco's parent, had put up for sale stakes in six of its subsidiaries on Monday on the Beijing Equity Exchange, a fledgling platform for the sale of state assets.
Valued at 4.18 billion yuan, the stakes include majority holdings of five aluminium processing plants and an aluminium smelting plant.
'We are interested in bidding for the stakes as the companies fit into our business strategy,' said Chalco investor relations manager Zhang Qing. But Ms Zhang said the firm should obtain the board of directors' approval before entering a bid.
Analysts said the assets were likely to fall into Chalco's hands, given the strict bidding qualifications.
Bidders must be a state-backed alumina and aluminium maker with at least 50 billion yuan in net assets.
They should buy the entire package - all the six plants - and deposit 500 million yuan when they put in bids. Bids from consortia will not be accepted and listed firms are preferred.