Tibet Galaxy Raises Fund, Ups Stake In Subsidiary - ResearchInChina

Date:2011-08-12liuhongli  Text Size:

August 9 -- Tibet Galaxy Science & Technology Development (000752) intends to issue 30 to 40 million shares to shareholders of Dechang Houdi Rare Earth Mining at 29.56 yuan, reports Yicai.com, citing a company filing. Funds raised will be used to acquire stakes in the rare earth mining company.

Tibet Galaxy previously invested 20 million yuan in Houdi Mining in March this year, accounting for 26.67 percent of the company’s total equity.

This latest acquisition will boost Tibet Galaxy’s holdings in the rare earth company to over 50 percent.

However, Galaxy Galaxy’s biggest shareholder, Everbright Golden Link has sold a total of 43.56 million shares or a 16.52-percent stake in the company between October last year and July 13 this year.

Tibet State-Owned Assets Management, the second-largest shareholder of Tibet Galaxy, sold a 5.29-percent stake in the company between last August and yesterday.


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