CITIC Guoan Industrial Group Co., Ltd. entered into entered into an equity transfer agreement to acquire 65.10% stake in Xinjiang Luomu Mining Co., Ltd from CMOC Group Limited for CNY 2.9 billion.
As of April 30, 2024, Xinjiang Luomu Mining Co., Ltd reported total assets of CNY 1.34 billion and total common equity of CNY 1.34 billion.
The transaction is subject to approval of offer by shareholders of Xinjiang Luomu Mining Co., Ltd, and the deal has been approved by board of directors of CMOC Group Limited.