Chalco raises alumina spot price 8.5%

AUMINUM Corp. of China Ltd., the world’s third-largest producer of alumina, said it had raised its spot alumina price 8.5 percent to 3,800 yuan a ton from yesterday.

The company, which is also known as Chalco, said the current import CIF price for alumina was around US$430 per ton and supply was tight. In September, Chalco cut the spot alumina price by 10 percent to 3,500 yuan a ton.

Changsheng Fund taps Goldman Sachs

CHINA’S Changsheng Fund Management Co., partly owned by Singapore’s DBS Group Holdings, would hire Goldman Sachs as the investment adviser for its planned US$5 billion overseas investment fund, a person familiar with the situation said yesterday. Beijing-based Changsheng was expected to sign the deal with Goldman in the near future, the source, who asked not to be identified because he was not authorized to make the disclosure, told reporters.

McCabe to list Chinese joint venture

U.K. property entrepreneur Kevin McCabe said yesterday he planned to list his Chinese property venture, Scarborough International Ltd. (SIL), on the Hong Kong Stock Exchange with an anticipated value of 400 million pounds (US$828 million).

SIL is a 50-50 joint venture investment company with CH Wong of Top Spring Group, one of China’s biggest development and retail groups. The joint venture has built a portfolio of development projects with an estimated development value of around 845 million pounds.

Aluminum foil maker plans share sale

XIASHUN Holdings Ltd., China’s largest maker of aluminum foil used for food and drink packaging, may raise as much as HK$2.13 billion (US$273 million) from a Hong Kong initial public offering, according to two people involved in the sale.

Xiashun will sell 500 million new shares at HK$3.1 to HK$4.25 apiece, said the people, who declined to be identified before an official statement. The company will start trading in Hong Kong on Dec. 18. The range values the company at about 14 times to 20 times its 2008 estimated profit. The offered shares would account for 25 percent of the company, the people said. Xiashun is the nation’s largest producer of the light-gauge aluminum foil that is used to pack food and beverages, as well as cigarettes. It was the world’s fourth-biggest maker of aluminum foil last year.