BEIJING: A unit of Beijing’s Tsinghua University said it would buy aluminium smelter Tianshan Aluminium for an estimated 23.6 billion yuan (US$3.7bil), in what analysts say is a way for the smelter to become a publicly traded entity.
Xiamen Unigroup Xue Co Ltd, a Shenzhen-listed education services provider controlled by Tsinghua, said in a statement that it would pay in cash and shares to acquire 100% of Xinjiang-based Tianshan over an unspecified time frame, with the final price undetermined. It did not detail reasons behind the acquisition.
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