China Zhongwang to invest $3.8 bln in production equipment

Aluminium extruder China Zhongwang Holdings Ltd said it will spend $3.78 billion on production equipment as it taps growing demand for high-end flat-rolled aluminium products.

In a filing to the Hong Kong bourse late on Monday, the company said the equipment included hot continuous rolling mills, cold rolling mills, smelting and casting lines for the ancillary production of soft alloy plate and sheet products.

China Zhongwang said it would buy the equipment from independent third parties including China Machinery Engineering Corp, China Electronics Corp, and China Electronics Technology Group Corp.

For statement click here

Shares of China Zhongwang fell 4.9 percent to its lowest in two weeks.