ONFEM Holdings has agreed to pay $38.85 million for a five per cent stake in China Merchants China Direct Investments (CMCD) from Jinhui Investments (China). CMCD is a closed-ended investment company involved in acquiring stakes in unlisted enterprises in China. Through such moves, Onfem is able to implement its strategy of investing in non-ferrous metal projects in China. The acquisition involves buying five million shares at $7.55 each and one million 1996 warrants at $1.10 each, which was the average trading price of the shares and closing price of the warrants on March 15, 1993.
