Oriental Metals (Holdings) Co Ltd said on Friday it has agreed to buy alumina assets from its parent for HK$2.9 billion (US $372 million). The company said it has agreed to buy Peak Strategic Industries Ltd, which holds alumina and aluminium operations of the company's parent China Minmetals Corp, from China Minmetals Non-ferrous Metals Co Ltd.

Shares of Oriental Metals have fallen 3.25 percent over the past month to close at HK$2.975 on Thursday.

Copyright Reuters, 2005