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Australian exploration company Siburan Resources to buy 16.67 percent stake in China Automobile

( May 20, 2015, 09:32 GMT | Insight) -- Australian exploration firm Siburan Resources Ltd. has entered into an agreement to acquire a 16.67-percent stake in China Automobile Parts Holdings Ltd. from its majority shareholder Guotai International Holding Ltd. via a 60 million Malaysian ringgit ($1...Australian exploration firm Siburan Resources Ltd. has entered into an agreement to acquire a 16.67-percent stake in China Automobile Parts Holdings Ltd. from its majority shareholder Guotai International Holding Ltd. via a 60 million Malaysian ringgit ($16.7 million) share swap, The Star reported. Guotai International will sell the stake comprising 100 million shares at 60 sen (17 cents) apiece to Siburan, who will then issue 417.36 million of its own shares at 5 Australian cents (4 cents) per share to Guotai and/or its nominees. China Automobile said these shares would be equivalent to a 62.5-percent stake in Siburan....

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