Xiamen Tungsten: Plans to acquire a stake in Jiangxi Jutong to increase tungsten resource self-sufficiency

People’s Financial News, March 25 — Xiamen Tungsten (600549) announced on March 25 that to ensure the supply of upstream tungsten raw materials and increase self-sufficiency in tungsten resources, the company plans to acquire a portion of the equity in Jiangxi Jutong Industrial Co., Ltd. (referred to as “Jiangxi Jutong”). Recently, the company signed a tripartite “Cooperation Agreement” with Fujian Industrial Holding Group Co., Ltd. (referred to as “Provincial Industrial Holding”) and Jiangxi Tungsten Holding Group Co., Ltd. (referred to as “Jiangxi Tungsten Group”). Provincial Industrial Holding agreed to transfer some of its equity in Jiangxi Jutong to the company and Jiangxi Tungsten Group. The company intends to acquire 30.17% of the shares from Provincial Industrial Holding’s subsidiaries, with the final shareholding ratio subject to the formal signing of the “Equity Transfer Agreement.” The transaction price for the equity is based on the total equity value of Jiangxi Jutong as reflected in the asset valuation report, approximately 1.966 billion yuan, with the final amount subject to the evaluation results approved and filed by the Fujian State-owned Assets Supervision and Administration Commission.