Huayou Cobalt corrects, then expands share increase plan

Zhejiang Huayou Cobalt has corrected an error in its earlier announcement regarding the completion of its controlling shareholder's stake increase on Feb 12th. The initial announcement incorrectly stated that Huayou Holding had increased its holdings by 1,342,769 shares; the corrected figure is 13,422,769 shares. Separately, Huayou Cobalt announced plans for its controlling shareholder, Huayou Holding, to increase its stake again within a year, spending between RMB 300 million and RMB 600 million. The company noted this new increase won't trigger a mandatory offer and will be funded through a combination of the controlling shareholder’s capital and RMB 540 million in bank loan facility. Meanwhile, board member Chen Xuehua has pledged 5,700,000 shares to China Export Import Bank of China with the intention to raise funds.