Jiayou International Logistics Co.,Ltd has entered into share purchase agreement to acquire 20% stake in Khangad Exploration LLC from Baruun Naran S.A.R.L for $88.81 million.

Jiayou International Logistics Co.,Ltd (SHSE:603871) has entered into share purchase agreement to acquire 20% stake in Khangad Exploration LLC from Baruun Naran S.A.R.L on February 21, 2024. The 6.90 million shares of Khangad Exploration LLC will be acquired as part of the transaction. The consideration consists of $88.81 million in cash.

As part of the consideration, $88.81 million was paid towards common equity. The board of Mongolian Mining Corporation which is the indirect parent of Baruun Naran S.A.R.L has approved the transaction. As of 30 June 2023, the Khangad Exploration LLC reported unaudited total assets of $112.69 million and the common equity of $21.69 million.