Jiangxi Copper Company Limited (JCC) has announced that its subsidiary Jiangxi Copper (Hong Kong) Investment Company (JCCHK) will purchase the entire equity interest in PIM Cupric Holdings (PCH) from Pangaea Investment Management (PIM). PCH owns 124 198 371 common shares of First Quantum Minerals (FQM), a company listed on the Toronto Stock Exchange.
Prior to the transaction, PIM had ownership of 124 198 371 common shares. This represents approximately 18.015% of the issued and outstanding common shares of FQM.
The total consideration to be paid by JCCHK to PIM will be US$1 115 924 287.58. Based on a Canadian/US dollar exchange rate of 1.3282, the common shares were purchased at an effective price of US$11.934 per common share.
JCC will make the acquisition as part of the reorganisation of the holdings of the common shares. Upon completion of the reorganisation, JCCHK will acquire all of the common shares for investment purposes.
JCC is principally engaged in the business of mining, smelting and processing of copper.
Read the article online at: https://www.globalminingreview.com/finance-business/10122019/jiangxi-copper-acquires-fqm-shares/