Shares of Yankuang Energy Group Co. Ltd. surged by 7.53% on Monday, fueled by the company's plans to acquire a majority stake in Australian potash miner Highfield Resources Ltd. through a strategic investment deal.
According to a filing with the Hong Kong Stock Exchange, Yankuang Energy will transfer its 100% stake in subsidiary Yancoal Canada Resources to Highfield in exchange for newly issued shares at AU$0.50 apiece. This move will make Yankuang the largest shareholder in Highfield and grant it control over the Australian company's board.
Additionally, Highfield Resources plans to raise AU$220 million through a share issuance, with Yankuang investing up to AU$90 million. The proceeds from this capital raise will be utilized to fund the construction of Highfield's Muga potash mine project in Spain and bolster Yankuang's liquidity position.
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