Beijing, July 04: China's sovereign wealth fund said it would buy USD 1.5 billion worth of shares of the Canadian mining company Teck Resources Ltd.
The purchase by the China Investment Corp would amount to a 17.2 percent equity stake in Teck, giving the USD 200-billion wealth fund a 6.7 percent voting interest in the mining company, the corporation said Friday.
"CIC is acquiring the Class B Shares for investment purposes as a long-term passive financial investor and has agreed to hold the purchased shares for at least one year following closing," the corporation said on its website.
"The aggregate purchase price will be USD 1.5 billion in cash."
The deal is expected to be finalised by July 14, it added.
Bureau Report
First Published: Saturday, July 04, 2009, 14:05