Puyang Refractories to Acquire Minority Stakes in Xinjiang Qinxiang, Accelerating Halhat Magnesite Mine Development

Stock News06-10

Puyang Refractories Group Co.,Ltd. (SHE: 002225) has announced plans to acquire minority shareholdings in its subsidiary, Xinjiang Qinxiang Technology Co., Ltd.

The company has entered into share transfer agreements with minority shareholders Jing Bo and Liang Jian. It will use its own funds to purchase Jing Bo's 5.32% stake for 3.75 million yuan and Liang Jian's 3.98% stake for 2.625 million yuan, with a total transaction value of 6.375 million yuan.

Upon completion, Puyang Refractories' shareholding in Xinjiang Qinxiang will increase from 67.77% to 77.07%, and Xinjiang Qinxiang will remain a controlled subsidiary.

This acquisition of minority interests will further consolidate the company's ownership stake in Xinjiang Qinxiang, strengthening its control and decision-making authority over the subsidiary's future operations. This move is expected to more effectively advance the development progress of the Halhat magnesite mine project.

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