Jiangsu Azure (SHE:002245) expects to acquire 5.95% in PT Indonesia Qingmei Energy Materials for $20 million, according to a Shenzhen bourse filing on Wednesday.
Indonesia Qingmei Energy, an indirect subsidiary of GEM (SHE:002340), is a manufacturer of non-ferrous basic metals and batteries.
The acquisition will be made through a capital increase via share placement.
The lithium battery manufacturer's shares rose less than 2% at the close.
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