Yanzhou Coal to acquire Xibei Mining stake, boost capital

Yankuang Energy Group Company Limited (HKEX: 1171) announced a discloseable and connected transaction involving the acquisition of a 26% equity interest in Xibei Mining and a capital injection of RMB9,317,604,863.88 into Xibei Mining. Once the transactions close, Yanzhou Coal will hold 51% of Xibei Mining, consolidating its financial results. The total consideration for the Acquisitions is RMB4,748,251,438.63, to be paid to existing vendors. The company plans to pay 40% of the amount within 5 working days of the deal.