China's Chalco board proposes up to RMB 15 billion issue of MTNs

By Jennifer Chiou

New York, May 6 - Aluminum Corp. of China Ltd. (Chalco) announced that its board will propose a special resolution to issue up to RMB 15 billion of medium-term notes when shareholders convene at the annual meeting on June 22 in Beijing.

The notes will have a tenor of up to five years and may be issued in one or more tranches.

The notes will be issued within China, excluding Hong Kong, Macau and Taiwan.

Proceeds are earmarked for working capital and project expenditures in addition to the repayment of borrowings.

Chalco is a Beijing-based metals manufacturer.

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