Chinese pipe producer Xinxing Pipes stated on March 13 that it has reached an agreement with Xinjiang International Industry Co. and Xinjiang Pipe Resources on its acquisition of a 40 percent stake in Xinjiang Pipe Resources for RMB 320 million ($46.87 million).
According to reports, Xinxing Pipes will purchase a 40 percent stake in Xinjiang Pipe Resources for RMB 320 million with its own capital, while Xinjiang International Industry Co. will acquire a 30 percent stake in Xinjiang Pipe Resources in exchange for a 13.7 percent stake in its coking coal company evaluated at RMB 200 million. Meanwhile, Xinjiang Pipe Resources will purchase the remaining 86.3 percent stake of Xinjiang International Industry Co.'s coking coal company for RMB 1.26 billion ($184.56 million).
The parties in question have already signed all the relevant agreements.