Aluminum Corp of China （2600）, the country's largest maker of the metal, will seek bank loans after an equity market decline forced it to delay share sale plans.
The deadline for a planned sale of yuan- denominated shares in China would be pushed back by a year from August 23, the Beijing- based company said yesterday.
Chalco, as the company is known, had earlier won approval from the China Securities Regulatory Commission to sell up to one billion shares.
The benchmark Shanghai Composite Index is down 26 percent this year, after Beijing introduced measures to curb property prices and the European sovereign debt crisis roiled markets globally.
Aluminum prices have dropped below the costs of production, putting pressure on smelters, Chalco president Luo Jianchuan said last month. "The current market conditions are not favorable for the share sale and the company will seek bank loans," said Shen Hui, a spokeswoman.
Chalco rose 4.9 percent to close at HK$5.99. In Shanghai, the stock rose 1.8 percent to 8.74 yuan. The firm is increasing capital expenditure by 36 percent to 14.6 billion yuan （HK$16.49 billion）, chairman Xiong Weiping said in March.
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