China Trade Information

CNNC Overseas Uranium Holding Ltd, a wholly-owned subsidiary of China National Nuclear Corp (CNNC), plans to acquire a 75% stake in United Metals Holdings Ltd<2302>, a Hong Kong-listed manufacturer of die-cast products, for HK$609.60 million, according to a United Metals statement filed with the Hong Kong Stock Exchange.

CNNC Overseas agreed to buy 125 million existing shares and subscribe to 159 million new United Metals shares at HK$1.77 apiece. In addition, CNNC Overseas will subscribe to a convertible note of HK$106 million, providing for a conversion price of HK$1.77 each.

Approximately 10% of the net proceeds of the share sales will be used as working capital, while the rest will be saved for future investments, United Metals said.

China National Nuclear Corporation was established in 1988 by the authority of the State Council. CNNC now oversees all aspects of China’s civilian and defense nuclear programs, striving to achieve synergies between the two – i.e. defense and non-defense civilian applications in areas such as nuclear energy and promoting other diversified applications. The group is a nationwide industrial conglomerate with integrated operations in science, technology, industry, and international trade.

Tags: industry, investment, products, Share, technology, trade

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