China“s Luoyang Glass Co. Ltd. said it agreed to purchase substantial stakes in two mineral products firms in China from its parent, China Luoyang Float Glass Group, for a total of 27.04 million yuan…
China“s Luoyang Glass Co. Ltd. said it agreed to purchase substantial stakes in two mineral products firms in China from its parent, China Luoyang Float Glass Group, for a total of 27.04 million yuan. The H-share company would buy a 40.29% interest in CLFG Mineral Products Co. for 12.48 million yuan, which was the unsecured account receivable owed to the company by CLFG, Luoyang Glass said in a statement. CLFG Mineral Products, which is a wholly owned subsidiary of CLFG, is engaged in the exploration and processing and marketing of silica-sand and other mineral products. Luoyang Glass would also acquire 52% in Yinan Mineral Products Industry Co. Ltd. held by Qingdao Taiyang Glass Industry Co. Ltd. for 14.56 million yuan, which was the unsecured account receivable owed to the company by Qingdao Taiyang. Yinan Mineral Products is mainly engaged in the exploration and processing and marketing of silica-sand and other mineral products. CLFG holds about 57.14% of Luoyang Glass and is the controlling shareholder of Qingdao Taiyang. Luoyang Glass said about 70% of the silica-sand required by the company was provided by the two companies. The two acquisitions would enable the mineral products companies to be transformed into a silica-sand base, which would secure for the company a stable and steady access to quality raw materials, it added.