China Minmetals to become actual controller of Huaxi Nonferrous

Huaxi Nonferrous announced on September 18 that its indirect controlling shareholder, Guangxi Key Metals Group, together with its shareholders Beibu Gulf Port Group and the Key Metals Equity Fund, has signed a cooperation framework agreement with China Minmetals. Under the agreement, China Minmetals plans to inject capital into Guangxi Key Metals Group in cash or a combination of cash and non-cash assets, acquiring a 51% stake and gaining actual control of the company after the transaction.

Upon completion of the deal, Huaxi Nonferrous' controlling shareholder will remain China Tin Group Co., Ltd., while its indirect controlling shareholder will change from Beibu Gulf Port Group and Guangxi Key Metals Group to Guangxi Key Metals Group. The company's actual controller will shift from the State-owned Assets Supervision and Administration Commission of the Guangxi Zhuang Autonomous Region People's Government to China Minmetals. Through Guangxi Key Metals Group, China Minmetals will indirectly hold more than 30% of Huaxi Nonferrous' issued shares, triggering a mandatory general offer obligation.