SINGAPORE (Oct 16): Noble Group says wholly-owned subsidiary, General Alumina Holdings on Oct 15 acquired Alcoa’s 55% stake in Alcoa Minerals of Jamaica LLC (AMJ).

AMJ is a joint venture company set up in Jamaica for the production and sale of alumina from Alcoa.

The total consideration for the acquisition is US$140 million ($178 million).

The Jamaican government retains the remaining 45% stake in the joint venture.

Noble says the purchase will be wholly satisfied in cash and funded from internal resources.

Upon completion of the acquisition, AMJ will become an indirect wholly-owned subsidiary of Noble.

Based on the unaudited financial statements of AMJ as at Aug 31 2014, the book value and net tangible asset value the company are both US$122 million.

AMJ will undergo a recapitalisation prior to the completion of the transaction.

The book value and the net tangible asset value of the company will both be increased to US$400 million.

Noble closed flat at $1.27 yesterday.