Metals News
Bigger, stronger and better Guangdong rare Earth Industry Guangsheng Nonferrous Earth belongs to Guangdong rare Earth Group
Jan 10,2020
Source:SMM synthesis
The content below was translated by Tencent automatically for reference.

SMM News: Guangsheng Nonferrous 9 evening announcement, the company's controlling shareholder Guangdong Guangsheng Asset Management Co., Ltd. (hereinafter referred to as "Guangsheng Company") intends to hold 129 million shares of the company (accounting for 42.87% of the total share capital), free of charge transferred to Guangdong rare Earth Industry Group Co., Ltd. (hereinafter referred to as "Guangdong rare Earth Group"). After the completion of the free transfer of shares, Guangsheng Nonferrous controlling shareholders will be changed to Guangdong rare Earth Group, but the actual controller of the listed company has not changed, and is still the Guangdong Provincial State-owned assets Supervision and Administration Commission.

It has been disclosed that Guangdong rare Earth Group is a wholly owned subsidiary of Guangsheng Company and is one of the six large national rare earth enterprise groups determined by the State Council. the scope of business includes rare earth, rare metal and other non-ferrous metal mining, smelting and new materials and application projects investment, research and development, management and product trade.

For the purpose of the transaction, Guangsheng said that in order to strengthen and optimize the rare earth industry in Guangdong Province, to achieve the deep integration of rare earth license and industry, so as to speed up the development process of rare earth mines under Guangsheng Nonferrous Metals.

It is reported that the two sides of the transaction have not yet signed the "state-owned equity transfer agreement", this transfer still has to obtain the CSRC exemption from the acquirer's tender obligations before it can be implemented, there is a certain degree of uncertainty.

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