Shandong Nanshan Aluminium’s wholly owned subsidiary Nanshan Aluminium Singapore Co. Pte Ltd signed agreement with Redstone Aluminia International Pte. Ltd to buy 25% stake in Global Aluminium International Pte. Ltd with $5 million. Nanshan Aluminium Singapore Co. Pte Ltd will hold 95%stake in target company after the transaction.
Global Aluminium International Pte. Ltd was incorporated in 2013 by Nanshan Aluminum Singapore and Redstone Aluminia International with $20 million, holding 70% and 30% stake respectively. Its main business is the sale of aluminum and related products.