China Enterprises Acquires 75.9% of the Shares in Jiafei Enterprise

Recently, the Canadian MagIndustries Group announced that Shanghai Spring Resources Holdings (BVI) has acquired 75.9% of its issued shares.

Chunhe Resources is a subsidiary of Chunhe Industry (Evergreen Industries). It is understood that in April this year, the two parties reached an agreement, MagIndustries agreed to buy its issued shares at a price of 0.26 US dollars per spring, the acquisition of a total value of 120.7 million US dollars. The caustic potash mine that MagIndustries plans to develop is located in Congo. The project plan is divided into two phases. Once the first phase is completed, it can annually produce 600,000 tons of potash fertilizer. After the second phase is completed, the annual output can be increased to 1.2 million tons. It is planned to be completed in November of this year. Put into production. The project is about 25 km from the deep-water port of Pointe Point, southern Congo. China National Complete Equipment Import and Export Corporation will be responsible for providing some of the engineering equipment.

Chunhe Industry is located in Shanghai and is mainly engaged in shipbuilding, turbine manufacturing, mining and logistics operations. In June of this year, Zhejiang Development and Reform Commission approved Ningbo Spring and Potash Resources Co., Ltd. to acquire the entire Canadian MagIndutries equity project. The Department of Foreign Investment of the National Development and Reform Commission has registered the project approval document.

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