West Mining's acquisition of 68.14% of equity in Daliang Mining approved
2017-12-01 16:56:29 [Print]
On the evening of November 30th, West Mining Co., Ltd. announced that its shareholders' meeting has approved the connected transaction plan on acquisition of 68.14% of equity in Sichuan Huidong Daliang Mining Co., Ltd.
The company intends to acquire the 68.14% of equity in Sichuan Huidong Daliang Mining from the controlling shareholder West Mining Group Co., Ltd. by cash payment of RMB1.038 billion. In addition, West Mining Co., Ltd. also plans to acquire 14.82% of equity in the same company by cash of RMB226 million and transfer 17.04% of equity in Daliang Mining at no more than RMB260 million by way of bidding in the equity exchange market. After this acquisition, Daliang Mining will become the wholly-owned subsidiary of West Mining Group Co., Ltd. with 100% of shareholders' rights and interests controlled.
At present, Daliang Mining owns mining capacity of 660,000tpy with abundant resources of lead and zinc.
The company intends to acquire the 68.14% of equity in Sichuan Huidong Daliang Mining from the controlling shareholder West Mining Group Co., Ltd. by cash payment of RMB1.038 billion. In addition, West Mining Co., Ltd. also plans to acquire 14.82% of equity in the same company by cash of RMB226 million and transfer 17.04% of equity in Daliang Mining at no more than RMB260 million by way of bidding in the equity exchange market. After this acquisition, Daliang Mining will become the wholly-owned subsidiary of West Mining Group Co., Ltd. with 100% of shareholders' rights and interests controlled.
At present, Daliang Mining owns mining capacity of 660,000tpy with abundant resources of lead and zinc.
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