Tuesday 2011-08-30  14:45 Publisher: CapitalVue
August 30 -- Xinjiang Guanghui Industry(600256.SH), a company involved in the mining, manufacturing, real estate, gas, and retailing industries, and Weyn Investment plan to fully acquire Mangishlak Munay LLP from Tegis Munay, reports Shanghai Securities News, citing a company filing.

Mangishlak Munay, a company based in Kazakhstan, owns the underground mining rights to a gas field in south Kazakhstan.

Xinjiang Guanghui Industry and Weyn Investment will first establish a joint venture. Guanghui Industry will have a 56 percent stake in the joint venture.

The new joint venture will spend $20 million to acquire a 100 percent stake in Mangishlak Munay, and Guanggui Industry will provide no less than $50 million to support Mangishlak Munay’s business operations.

Guanghui Industry previously spent 303 million yuan to acquire a 49 percent stake in Kazakhstan's TBM in 2009. The two parties then jointly developed a gas field in Kazakhstan, which covers an area of 8,300 square kilometers.

Source:CapitalVue