Hunan Nonferrous Metals Holding Group based in Hunan Province, China has announced that China Minmetals Nonferrous Metal Company Limited, the wholly-owned subsidiary of China Minmetals Group, has paid RMB 5.595 billion ($826 million) to buy a 51 percent stake in Hunan Nonferrous Metals Holding Group. Registration of the transfer of shares has been completed at the Administration of Industry and Commerce of Hunan Province.
With the deal completed, China Minmetals Group and its subsidiary now hold a 53.08 percent stake in Hunan Nonferrous Metals Holding Group, worth a total value of RMB 1.947 billion ($288 million).
It is reported that China International Capital Corporation (CICC) has signed an agreement to acquire the remaining almost 47 percent share in Hunan Nonferrous Metals Holding Group for a consideration of HKD 1.73 per share in cash.
On May 18 this year, China Minmetals Group inked a strategic cooperation agreement with the government of Chenzhou City, Hunan Province to expand its investments in the city. According to the agreement, in the next five years the company would develop the production of nonferrous metals including tungsten, tombarthite, stannum and bismuth, with a total investment of RMB 4.5-5.5 billion ($665-812 million).