Chinalco, Baosteel to take stakes in China's large-aircraft project - report
Beijing (XFN-ASIA) - Aluminum Corp of China (Chinalco), parent of Aluminum Corp of China Ltd (Chalco) (HK 2600;SHA 601600), and Baosteel Group, parent of Baoshan Iron & Steel Co Ltd (Baosteel) (SHA 600019), are expected to take stakes in China's large aircraft manufacturing project, the official Shanghai Securities News reported.
Citing a source, the newspaper said the two companies will take small stakes behind projected largest shareholder State-owned Assets Supervision and Administration Commission (SASAC), aircraft manufacturers AVIC I and AVIC II, and the Shanghai government.
It said the Shanghai government's projected investment is 5 bln yuan, but the size of its expected stake was not given.
China reportedly plans to set up its first manufacturer of large passenger jet aircraft before March.