25 April 2012 –
Davis Polk is advising Mr. Wang Xingchun, the chairman and controlling shareholder of Winsway Coking Coal Holdings Limited, on his disposal of a 29.9% interest in Winsway to Aluminum Corporation of China Limited (Chalco) in a transaction valued at HK$2.39 billion (approximately $307 million). After the completion of the acquisition, which is subject to certain conditions, including regulatory and shareholder approvals, Chalco will become the single-largest shareholder of Winsway.
Winsway is a Hong Kong Stock Exchange-listed supplier of imported coking coal and one of the largest off-takers of Mongolian coking coal into China. Chalco is China’s largest alumina and primary aluminum producer and the world’s second-largest alumina producer. Chalco is listed on the Hong Kong, Shanghai and New York Stock Exchanges.
The Davis Polk team includes partner Antony Dapiran and associate Yang Chu. All members of the Davis Polk team are based in the Hong Kong office.