CITIC Resources Seeks Shareholder Nod to Divest Remaining Alcoa Stake
CITIC Resources (HKG:1205) plans to seek shareholder approval for a mandate to dispose of its remaining stake in global aluminum producer Alcoa, according to a Wednesday Hong Kong bourse filing.Shares of the natural resource company were up nearly 2% in Thursday morning trade.The company said the proposed disposal could involve up to 1.7 million Alcoa CHESS depositary interests and 551,306 Alcoa shares, representing about 0.86% of Alcoa's issued share capital.Assuming all holdings are sold at the minimum selling price of $50 per share, the aggregate consideration would be about $112.2 million, or HK$874.9 million.The company said proceeds would be used for working capital, commodity trading operations, potential investment opportunities, and possible dividend distribution.