China's Chalco to raise $1.9bn by selling stakes in subsidiaries
State-owned Aluminum Corporation of China (Chalco) is raising CNY12.6bn ($1.9bn) by selling stakes in four of its subsidiaries, as it seeks to reduce its debt-to-equity ratio. It is offloading 30.8% of Chalco Shandong, a 36.9% stake in Zhongzhou Aluminium, 25.7% in Baotou Aluminium and 81.1% in Chalco Mining. The move comes amid a push by the Chinese government to reduce corporate debt.

HONG KONG (Nikkei Markets) -- Aluminum Corporation of China (Chalco) said it entered agreements to raise a total 12.60 billion yuan ($1.90 billion) by selling stakes in four subsidiaries to investors including China Life Insurance, in a move aimed at reducing the Chinese state-owned aluminum producer's debt-equity ratio.

Chalco will sell 30.8% of Chalco Shandong for 1.79 billion yuan, a 36.9% stake in Zhongzhou Aluminum for 2.40 billion yuan, 25.67% in Baotou Aluminum for 2.64 billion yuan and 81.14% of Chalo Mining for 5.77 billion yuan, it informed the stock exchange late Monday.