Pizu Group Holdings Limited (9893) disclosed that on 9 February 2026, its indirect wholly-owned subsidiary Pizu Industrial entered into a Loan Agreement with Kanzi Diyor, wholly owned by Avesto Group. This agreement provides up to US$80 million (based on actual disbursement) in interest-free financing for the Turkparida Mine project in Tajikistan, with no fixed repayment term.

According to the announcement, the facility is closely linked to a strategic equity investment plan. The Mine Cooperation Agreement originally dated 11 August 2025 and supplemented on 9 February 2026 stipulates that Pizu Industrial aims to acquire a 45% equity interest in Kanzi Diyor, which holds the mining right. The transformation into a joint venture hinges on achieving multiple conditions, including regulatory approvals and legal provisions allowing the conversion of the loan into equity.

Although the facility is structured as a loan, the announcement states it functions in essence as a de facto acquisition: the funding is set to fulfill Pizu Industrial’s investment obligations, offering an economic return equivalent to a 45% stake in Kanzi Diyor. The loan has been recognized as a discloseable and connected transaction under the Hong Kong Listing Rules. It is subject to notification and announcement requirements but exempt from the need for a circular or shareholders’ approval.

The Group’s due diligence confirmed the viability of the Turkparida Mine, citing the resource quality and anticipated efficiencies. Pizu Group Holdings Limited is principally engaged in manufacturing and sale of explosives, provision of blasting services, as well as mining and processing of mineral products in Mainland China and Tajikistan. The announcement notes that the financing arrangement enables early-stage exposure to a high-potential asset before formal equity conversion, marking a strategic move to enhance the Group’s position in the Central Asian mining sector.