The coal transporter owned by Indonesian billionaire Low Tuck Kwong stated that it will issue 1.37 billion new shares valued at 73 cents each to Singxin.
If the deal is concluded successfully, Singxin will be owning 73% stake in the enlarged Manhattan Resources.
Manhattan Resources chief executive Low Yi Ngo was quoted by Reuters as saying the transaction allows the company to foray into the potentially lucrative mineral mining industry and at the same time build up its knowledge of the industry.
"This transaction also helps us lay the path for our longer term goal to become a leading mineral resources group in the region," Ngo added.
Singxin, owned by a group of investors led by Low, has mining rights in the remote Xinjiang region that contain chrome, serpentine and magnesia.
