Inner Mongolia Eerduosi Resources has reached an agreement to acquire 14.1% interest in Inner Mongolia Erdos Electric Power & Metallurgy for CNY2.45bn ($353.18m)

Inner Mongolia Eerduosi Resources boosted its 63.9% stake in Inner Mongolia Erdos Electric Power & Metallurgy by acquiring an additional 14.1% for CNY2.45bn ($353.18m) from Inner Mongolia Erdos Cashmere. The buyer also intends to raise matching funds totaling CNY 500.00 million by issuing new shares to no more than ten investors. Controlling shareholder Erdos Cashmere will subscribe for roughly CNY 50.00 million-worth of stock in the cash call, the proceeds of which will supplement working capital. The proposed purchase should bolster its current metallurgical operations while streamlining Erdos Cashmere’s overall group holding structure.