Summary by Moomoo AI
Mongolian Jiao Coal announced on 21 February 2024 that its indirect wholly-owned subsidiary BNS signed a share purchase agreement with independent third party Jiayu International Logistics Co., Ltd., to sell a 20% stake in KEX at a trading price of $8881 million. Upon completion of the transaction, BNS will hold 80% of KEX, while Jiayu will own 20%, and KEX will remain a subsidiary of Mongolian Jiao Coal. On the same day, the two sides also signed a joint venture and marketing agreement, which will take effect at the start of delivery, involving the annual supply of 1.5 million tonnes to 2.0 million tonnes of coal products over the next five years. This sale is considered a disclosable transaction pursuant to Chapter 14 of the Listing Rules, but does not require shareholder approval. Mongolian Jiu Coal said the move helped improve the company's operating capital and financial condition.