United States

Aluminum Corp Of China proposes to enter factoring business framework agreement with Chinalco Factoring

Thursday, 17 Aug 2017 08:15am EDT 

Aug 17 (Reuters) - Aluminum Corp Of China Ltd <601600.SS>:Proposes to enter into factoring business framework agreement with chinalco factoring.Group will transfer its receivable claims to chinalco factoring which will provide financing service.Co & units are authorized to develop factoring business of accounts receivable with chinalco commercial factoring tianjin.As at date of announcement, co has not entered into any concrete agreement in relation to factoring business.Annual cap of transaction amount for proposed factoring business with chinalco factoring for each of 2017 and 2018 will be rmb1.3 billion.