Sichuan Province-based Chinese private sector company Taifeng Group has invested $49 million in Australian company IMX Resources, acquiring a 19.9 percent stake in IMX at a price of $0.483 per share. Song Yuangang, board director of Taifeng Group, has been appointed as non-executive director of IMX.
As part of the deal, Taifeng Group has invested $24 million to acquire a 49 percent stake in IMX subsidiary Outback.
Taifeng Group has total assets worth $1.1 billion.