Sichuan Hongda to buy two sister firms for 1b yuan

Sichuan Hongda Co Ltd, a chemical and mining firm, has made an all-cash offer worth more than 1 billion yuan to acquire stakes in two of its sister concerns from its parent, Sichuan Hongda Group.

The move is expected to increase its metal reserves and property holdings.

In a statement to the Shanghai Stock Exchange yesterday, Sichuan Hongda said it would buy a 9 percent stake in Yunnan Jinding Zinc Industry Co for 929 million yuan and a 98 percent stake in Sichuan Hongda Jinqiao Hotel for 88.61 million yuan.