Summary by Moomoo AI
Mongolian Jiu Coal (Mongolian Mining) announced on January 25, 2024 that it has completed the offering of investee subscription securities with a total cost of USD 4000 million, making the investee a subsidiary of the company. The investor has a series of agreements with companies such as MCS Property LLC, MCS International LLC, Monrud LLC and ERD, including engineering, power purchase, camp management and service agreements. As MCS Property LLC and MCS International LLC are subsidiaries of MCS Mongolia LLC, the principal shareholder of Mongolian Jiu Coal, Monrud LLC and ERD are associated with the Chief Executive Officer and major shareholder of the investee, respectively, these transactions are considered to be ongoing connected transactions. Mongolia Jiao Coal said that the terms of the agreements are fair and reasonable and are in the overall interests of the company and its shareholders. The Company will comply with the annual audit and disclosure requirements of Chapter 14A of the Listing Rules.