China Business News reported that Shenzhen Zhongjin Lingnan Nonfemet Co Ltd will buy another 75.89 million shares of Australia Perilya at about AUD 32 million, equivalent to some CNY 203 million raising its controlling stake in the company from 50.1% to 52%.

Perilya has said it would undertake a AUD 55 million one for three rights issue which will involve about 131 million shares representing 33% of the company issued capital at a discounted price of 42 cents per share. Where as Zhongjin Lingnan would subscribe for its full entitlement of about 65.9 million shares representing just over half of the new shares to be issued.

Perilya said in a statement recently that "Additionally, Zhongjin Lingnan has agreed to underwrite up to a maximum of approximately 10 million shares so that Zhongjin Lingnan maximum percentage shareholding in Perilya following the transaction would be 52%."

The miner said Zhongjin required regulatory approvals to make the investment, which are expected to be provided during the offer period, but it already has been given the green light by Australia Foreign Investment Review Board.

(Sourced from China Business News)