China’s Yunnan Tin Group is swapping part of its shareholding in Australia’s YTC Resources Limited for a stake in Hong Kong listed Poly Investment Holdings, as well as investing a further HK$ 192 million in the latter company.
At the end of the planned transaction, Yunnan Tin will own 16.1% of Poly, a trading company with power generating interests in Henan province, and retain 13.0% in YTC Resources, which is currently exploring for tin and other metals in New South Wales. Meanwhile Poly will become YTC Resources’ largest shareholder, with 19.9%.
Chairman of YTC and Yunnan Tin Group Jianming Xiao said, “The shares exchange will provide YTC and Yunnan Tin Group exposure to the Hong Kong financial markets. Yunnan Tin Group remains a substantial shareholder in YTC and reiterates its commitment to develop and grow YTC.”
