(Yicai) Sept. 26 — Ganfeng Lithium Group will introduce potential investors that will invest a total of CNY2.5 billion (USD350 million) in the Chinese lithium battery materials giant’s loss-making lithium battery subsidiary.
Undisclosed potential investors will complete a CNY2.5 billion capital injection into Ganfeng LiEnergy Technology to obtain CNY1 of the company’s registered capital for each CNY3 of investment, Ganfeng announced yesterday, adding that it will waive its preemptive rights for this transaction and in the future.
The move aims to reduce Ganfeng LiEnergy’s debt ratio and support Ganfeng Lithium’s integrated strategic layout across the upstream and downstream of lithium resources, the parent company noted.
Ganfeng holds a nearly 82 percent stake in Ganfeng LiEnergy. The company did not disclose how much its stake will drop after the new investors complete the capital injection, but said that it will remain the…
