XinRen gets nod to raise smelter stake

Singapore

THE move by China-based XinRen Aluminium Holdings to raise its stake in an aluminium smelter in Xinjiang by 30 per cent was given the go-ahead by its shareholders at its extraordinary general meeting yesterday.

This comes after the Singapore-listed company exercised its option to increase its stake in the smelting plant for 3.15 billion yuan (S$633 million) in April.

The company first bought a 21 per cent stake two years ago in China Leading International, which fully owns the plant; with that purchase, it …