CITIC Resources Raises US$118.7 Million from Partial Alcoa Stake Sale
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CITIC Resources Holdings has raised approximately US$118.66 million by selling 1.9 million shares of Alcoa on the New York Stock Exchange. This sale reduces its direct shareholding in Alcoa to about 0.86% while maintaining some interests in Alcoa CHESS Depositary Interests. The transaction, classified as a discloseable event in Hong Kong, aims to enhance liquidity and rebalance the investment portfolio. Trading of CITIC Resources shares will resume on the Hong Kong exchange following the announcement, with analysts currently rating the stock as a Hold with a price target of HK$0.58.
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