China Investment Corporation, the country’s sovereign wealth fund, has bought bonds from Russia’s largest fertilizer maker OAO Uralkali which can be exchanged for shares valued at about $2.75 billion.

The transaction was carried out by Wadge Holdings Ltd, a wholly-owned subsidiary of CIC International, the company said in a statement on its website. The bonds can be converted into no more than a 12.5 percent stake of Uralkali’s ordinary shares.

Chengdong Investment Corp, a unit of CIC International, and Moscow-based VTB Capital bought convertible bonds maturing in 2014 and exchangeable for a 14.5 percent stake in Uralkali, Bloomberg reported, citing a statement from Uralkali.

Uralkali had a market value of about $22 billion as of Thursday’s close. Shares in the company rose by as much as 1.7 percent and traded up 1.3 percent by 12:10 pm in Moscow, after falling as much as 0.9 percent at the opening.