Shengda Resources progresses with asset acquisition, funding plan

Shengda Resources (SZSE:000603) announced progress on its plan to acquire the remaining 47% equity stake in Sichuan Honglin Mining Co., Ltd. from seven individual shareholders via share issuance, while also planning to raise supporting funds. This acquisition will bring Shengda Resources' total ownership of Honglin Mining to 100%. The company had initially suspended trading of its shares on October 21, 2024, in anticipation of the transaction, and resumed trading on October 31, 2024, after initial plans were disclosed. While due diligence and related work continue, the company noted that key details are still under discussion and the plan remains subject to regulatory approvals and shareholder agreement. The Board will reconvene to review the matter at a later date, and the announcement serves as an interim update to shareholders.