Hainan Mining's (SHA:601969) controlling shareholder, Shanghai Fosun High-Tech (Group), plans to add its holdings in the company, acquiring around 29% for 3.66 billion yuan, according to a Shanghai Stock Exchange filing on Saturday.
Shanghai Fosun High-Tech will buy 597.3 million shares in the Chinese iron ore manufacturing company from Shanghai Fosun Industrial Investment.
Each share was priced at 6.13 yuan.
After the transaction, Fosun High-Tech will own 949.7 million shares or 47% of Hainan Mining.
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