China Tin Group and joint venture partners Unionmet (Singapore) have entered into an agreement to acquire a 65% stake in PT Yinchenindo Mining Industry for US$10 million, according to Datamonitor. China Tin is China’s second largest integrated tin company, producing 14,300 tonnes of refined tin last year, while PT Yinchenindo operates a smelter and holds 11 mining permits on Indonesia’s Belitung island. Unionmet is a Singapore-based manufacturer of indium ingots used in flat panel displays.
Under the terms of the agreement, China Tin and Unionmet, through a joint venture company, will subscribe for 1,860 new Yinchenindo shares at a price of $5,376 each share, representing a 73.2% premium to the net tangible assets per share ratio of PT Yinchenindo.
