Northern Rare Earth acquires 39.94% stake in Baotou Rare Earth Products Exchange with RMB109 million
2022-11-09 12:03:10 [Print]
On November 8, China Northern Rare Earth (Group) High-Tech Co., Ltd. announced that, to integrate resources of the company and Baotou Rare Earth Products Exchange Co., Ltd. ("the Exchange"), on August 10, 2022 the company approved of related proposal on acquiring 39.94% stake held by Xingbian Fumin (Beijing) Capital Management Co., Ltd. in the Exchange, via participating in judicial auction.
Recently, the company won in the auction and acquired the 39.94% stake in the Exchange from Xingbian Fumin (Beijing) with consideration of RMB109.23 million (USD15.07 million). Upon completion of the transaction, Northern Rare Earth will be the largest and controlling shareholder of the Exchange.
Recently, the company won in the auction and acquired the 39.94% stake in the Exchange from Xingbian Fumin (Beijing) with consideration of RMB109.23 million (USD15.07 million). Upon completion of the transaction, Northern Rare Earth will be the largest and controlling shareholder of the Exchange.
