Shenghe Resources to Sell Majority Stakes in Two Businesses
Shenghe Resources said it would sell majority stakes in its smelting and separation businesses to a subsidiary of China Rare Earth Group for 1.66 billion yuan and 1.81 billion yuan, respectively.
Shenghe Resources (SSE:600392) said it plans to sell majority stakes in its smelting and separation businesses for 1.66 billion yuan and 1.81 billion yuan, respectively. The buyer is a subsidiary of state-owned China Rare Earth Group. The amounts were given as $248.44 million-$270.89 million. The stated exchange rate was $1 = 6.6818 Chinese yuan.