Lanhua Sci-Tech to seek CNY 6.9bn financing
Shanxi Lanhua Sci-Tech Venture (SSE:600123) announced plans to seek financing of up to CNY 6.9 billion to secure funds for the acquisition of a coal exploration right in the Temple Block, Yangcheng County, Shanxi Province. The decision, approved by the board of directors, stems from the company's strategic initiative to enhance its coal resource reserves. The authorization follows a resolution passed at the company's 2024 fourth extraordinary general meeting, allowing the board to acquire coal resources through market mechanisms, with purchases not exceeding 30% of the company's latest audited total assets or 50% of its net assets over a 12-month period. The financing, with a term of no less than 10 years, will be sought from one or more banks, with specific terms to be negotiated between the company and lending institutions. The announcement outlines the company will seek financing from a number of Chinese banks.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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