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Minxi Xinghang will pour CNY 93 million while Fujian Zijin Investment Co., Ltd., the investment vehicle of the listed company, will inject CNY 114 million. Before the injection, Shanghai Xinyuan is fully owned by Minxi Xinghang.
If the deal is completed, Zijin Investment will take a 38% stake in Shanghai Xinyuan, while Minxi Xinghang controls 62%. All three mentioned companies are based in Shanghang, a county in Fujian Province.
Zijin Mining Group says that the capital injection will help Shanghang Xinyuan keep sustainable development and finance a water source project it is building in Shanghang County, which is the headquarters of the listed company.
Source: www.shihua.com.cn (June 23, 2009)
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