Chalco Eyes Ningxia Electric Power Stake
Aluminum Corp of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), the nation's largest aluminum producer which is also known as Chalco, said it plans to buy a 23.66% stake in Ningxia Electric Power Group and inject ¥2 billion into the company. Huadian Power International Co (SHA: 600027, HKG: 1071), China's third largest power producer by capacity, has put the stake up for sale, asking for ¥1.36 billion. Ningxia Electric Power posted ¥2.25 billion revenues and ¥177 million in earnings in 2011. It had ¥14.99 billion in total assets and ¥4.21 billion in net assets as of the end of 2011.
BYD to Build Electric Bus Plant in California
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, will build an electric bus plant in California in 2013, which will be its first wholly-owned plant overseas, senior vice president Li Ke said. The California plant is expected to kick off construction in March or April 2013 and to produce 50 to 100 electric buses in 2014 and 500 buses by the end of 2015. The buses to be priced $550,000 to $600,000 will be used in Apple Inc's headquarters, Los Angeles Airport and Stanford University, according to Li. BYD last week signed a deal with Bulmineral, a Bulgarian energy company, to build a 50:50 joint venture electric bus plant in the Eastern European country.
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