Zhuzhou Smelter Group Co.,Ltd. completed the acquisition of remaining 20.8% stake in Hunan Zhuye Nonferrous Metals Co., Ltd. from Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership), managed by Hunan Xiangtou Emerging Industry Investment Fund Management Co., Ltd.
February 12, 2023
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Zhuzhou Smelter Group Co.,Ltd. (SHSE:600961) signed the cooperation intent agreement to acquire the remaining 20.8% stake in Hunan Zhuye Nonferrous Metals Co., Ltd. from Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership), managed by Hunan Xiangtou Emerging Industry Investment Fund Management Co., Ltd. on April 7, 2022. Zhuzhou Smelter Group Co.,Ltd. (SHSE:600961) entered into and agreement to acquire the remaining 20.8% stake in Hunan Zhuye Nonferrous Metals Co., Ltd. from Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership), managed by Hunan Xiangtou Emerging Industry Investment Fund Management Co., Ltd. for CNY 580 million on September 14, 2022. The consideration will be satisfied by way of issuing 66,117,110 shares at a price of CNY 8.78 per share . In a related transaction, Zhuzhou Smelter signed the cooperation intent agreement to acquire Shuikoushan Non-Ferrous Metal Co., Ltd. from Hunan Shuikoushan Nonferrous Metals Group Co., Ltd. on April 7, 2022. The transaction is subject to approval of shareholdersâ meeting of Zhuzhou Smelter Group Co.,Ltd., Authorized State-owned Assets Supervision and Administration Agency and CSRC. The transaction has been approved by Zhuzhou Smelter Group Co.,Ltd.'s holding shareholder and party acting in concert, actual controller, Internal-decision making procedures of Shuikoushan Group, Xiangtou Jinye and 14th session of Zhuzhou Smelter's 7th directorate. For the period April 30, 2022, Hunan Zhuye Nonferrous had CNY 0.26591231 of net assets and CNY 0.452017 of total assets. . As of October 18, 2022, shareholders of Zhuzhou Smelter Co., Ltd. have passed proposal on the company meeting the conditions of issuing shares and paying cash to purchase assets and raising supporting funds. As of December 28, 2022, The China Securities Regulatory Commission has unconditionally approved the plan of issue of shares and paid cash to purchase assets and raised supporting funds of Zhuzhou Smelter Group. As of January 20, 2023, Zhuzhou Smelter Group Co.,Ltd. has recently received approval from the China Securities Regulatory Commission regarding issue of 321,060,305 shares to Hunan Shuikoushan Nonferrous Metals Group Co., Ltd. and 66,117,110 shares to Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership) to purchase related assets, Zhuzhou Smelter Group will issue shares to raise supporting funds of no more than CNY 1337.4546 million. The approval is valid for 12 months from the date of issue. Jia Yuan Law Office acted as legal advisor, Baker Tilly China Certified Public Accountants acted as an accountant and CSC Financial Co., Ltd. acted as financial advisor to Zhuzhou Smelter Group Co.,Ltd.
Zhuzhou Smelter Group Co.,Ltd. (SHSE:600961) completed the acquisition of remaining 20.8% stake in Hunan Zhuye Nonferrous Metals Co., Ltd. from Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership), managed by Hunan Xiangtou Emerging Industry Investment Fund Management Co., Ltd. on February 13, 2023.
Zhuzhou Smelter Group Co Ltd is a China-based company principally engaged in the mining, smelting and sales of zinc. The Company's main products portfolio consists of zinc products, including zinc alloy ingots, zinc powders, zinc ingots, and others; lead products, including lead ingots and lead alloy ingots; precious metal products, including sponge palladium, sponge platinum, silver ingots, gold ingots, cobalt oxide and others, as well as sulfuric acid, mercurous chloride, crude copper, silver nitrate and others. In addition, the Company is also engaged in trading business. The Company conducts its businesses in domestic and overseas markets.
Zhuzhou Smelter Group Co.,Ltd. completed the acquisition of remaining 20.8% stake in Hunan Zhuye Nonferrous Metals Co., Ltd. from Hunan Xiangtou Jinye Private Equity Investment Fund Enterprise (Limited Partnership), managed by Hunan Xiangtou Emerging Industry Investment Fund Management Co., Ltd.