Shenghe Resources agrees to sign equity acquisition framework agreement on Xinyuan Thailand
2018-09-21 16:22:28 [Print]
On September 17, Shenghe Resources Holding Co., Ltd. (hereinafter referred to as "the Company" or " Shenghe Resources ") announced that it agreed to sign equity acquisition framework agreement on Xinyuan Rare Earth (Thainland) Co., Ltd. (hereinafter referred to as "Xinyuan Thainland") with the related party Jiangxi Chenguang Investment Co., Ltd. (hereinafter referred to as " Chenguang Investment ") with the approval of the Company's board of directors.
Based on the agreement, Shenghe Resources intended to acquire equity of Xinyuan Thailand held by Chenguang Investment and both sides determined the acquisition proportion after negotiation. The Company should become the first largest shareholder of Xinyuan Thailand after the completion of the acquisition.
Xinyuan Thailand is mainly engaged in rare earth smelting and separation and metal processing, and has obtained a series of important legal documents, including China's overseas investment certificate of enterprise, approval of BOI, registration certificate of commercial department, tax registration certificate, construction permit, certificate of land, etc.
Xinyuan Thailand is about to invest RMB192 million (USD30 million) to build one 2,000tpy production line of rare earth metal and rare earth alloy and 3,000tpy production line for rare earth oxide separation respectively. The project is under construction now and has come on stream.
Listed on Shanghai Stock Exchange, Shenghe Resources Holding Co., Ltd. is a company whose first largest shareholder is Mineral Resources Comprehensive Utilization Institute of Chinese Academy of Geological Sciences under the Ministry of Natural Resources of China. The Company focuses on rare earth business, including rare earth concentrate, rare earth oxide, rare earth compound, rare earth metal, rare earth metallurgical material, rare earth catalytic material, zircon sand, ilmenite, rutile and others widely used in new energy, new material, energy-saving and environmental protection, aerospace, military, electronic information and other industries.
Based on the agreement, Shenghe Resources intended to acquire equity of Xinyuan Thailand held by Chenguang Investment and both sides determined the acquisition proportion after negotiation. The Company should become the first largest shareholder of Xinyuan Thailand after the completion of the acquisition.
Xinyuan Thailand is mainly engaged in rare earth smelting and separation and metal processing, and has obtained a series of important legal documents, including China's overseas investment certificate of enterprise, approval of BOI, registration certificate of commercial department, tax registration certificate, construction permit, certificate of land, etc.
Xinyuan Thailand is about to invest RMB192 million (USD30 million) to build one 2,000tpy production line of rare earth metal and rare earth alloy and 3,000tpy production line for rare earth oxide separation respectively. The project is under construction now and has come on stream.
Listed on Shanghai Stock Exchange, Shenghe Resources Holding Co., Ltd. is a company whose first largest shareholder is Mineral Resources Comprehensive Utilization Institute of Chinese Academy of Geological Sciences under the Ministry of Natural Resources of China. The Company focuses on rare earth business, including rare earth concentrate, rare earth oxide, rare earth compound, rare earth metal, rare earth metallurgical material, rare earth catalytic material, zircon sand, ilmenite, rutile and others widely used in new energy, new material, energy-saving and environmental protection, aerospace, military, electronic information and other industries.
