Sheng he resources to add an overseas acquisition plan.
On the evening of February 11, Shenghe Resources released a statement disclosing that the company intends to sign a letter of agreement with Appian Company through its wholly-owned subsidiary, Shenghe Singapore, which is 100% owned by Leshan Shenghe Rare Earth Co., LTD. Agreement Shing and The Singapore Company acquired Appian Company's 39,644,620 ordinary shares of Peak at a price of aud 0.99 / share, accounting for about 19.9% of Peak's total outstanding shares. The total amount of acquisition is about AUD 39.25 million, or about RMB 180 million.
Peak, an Australian-listed company, operates the Ngualla rare earth mine in Tanzania and plans to invest in the Teesside refinery in the UK, according to the announcement. The company had a poor financial year in 2021, with figures showing a net profit loss of about A $4.77 million.
Shenghe resources said that the company adheres to the rare earth business as the core, adhere to the domestic and foreign resources, two markets, to maintain a stable supply of global rare earth industry chain for the purpose of business. If the acquisition can be implemented smoothly, it will help to further consolidate the development foundation of the company and optimize the global business layout of the company.
