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Yabao Chemical wants to have a controlling stake in Greenbushes Lithium Mine
May 29,2020 11:03CST
The content below was translated by Tencent automatically for reference.

SMM5, March 29 / PRNewswire-Asianet /-Abel Chemical, one of the world's three largest lithium resources companies, said on Thursday that it wants to acquire a controlling stake in Australia's Greenbushes, the world's largest lithium mine, suggesting that it is unwilling to let other rivals buy shares held by Tianqi Lithium Industry.

Tianqi Lithium holds a stake in Greenbushes51%, while Yabo holds the remaining 49 per cent.

The share price of Tianqi Lithium Industry, which reported a huge loss of 6 billion yuan in 2019, has halved from 38 yuan per share at the end of February to around 17 yuan a share recently. The company pays off its debts by selling its high-quality assets.

On May 19, Tianqi Lithium Industry issued an announcement that Chengdu Tianqi Industry, the controlling shareholder, intends to reduce its holdings of more than 80 million Tianqi Lithium shares.

Tianqi Group's plan is to reduce its holdings of no more than 88625961 shares, accounting for 6 per cent of the company's total share capital, through centralized bidding and block transactions within six months from July 3, 2020.

It is reported that if it is estimated that the closing price of Tianqi Lithium Industry on May 19 is 17.45 yuan, these more than 88 million shares can bring about 1.5 billion yuan in cash to Tianqi Group.

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