Anhui coal miner eyes investors
By Joyce Pan |
March 13, 2010, Saturday
|
Print Edition
Print Edition
HUAIBEI Mining Group, the second-largest coal mining company in Anhui Province, plans to introduce three to five strategic investors before launching an initial public offering in Shanghai next year, Chairman Wang Mingsheng said.
Wang said a few investors have expressed interest to buy shares of the state-owned company. But the final decision is subject to approval from the State-owned Assets Supervision and Administration Commission of Anhui Province, which controls 90 percent of the miner, China Business News reported yesterday.
"We have spun off non-core business and are seeking strategic investors to restructure the company's stake in preparation for the listing," Wang said.
Huaibei Mining chalked up 3 billion yuan (US$440 million) in revenue last year from selling 28 million tons of coal.
The company has proven coal reserves of 8.5 billion tons and ranked 19th among China's coal miners by production capacity in 2009, according to its Website.
Huaibei Mining is one of several SOEs lining up for a listing as the central government has been encouraging SOEs to list their assets. The listing will also help promote mergers among SOEs to form larger and stronger entities.
The state-owned asset regulator intends to cut the number of SOEs to between 80 and 100 this year.
Wang said a few investors have expressed interest to buy shares of the state-owned company. But the final decision is subject to approval from the State-owned Assets Supervision and Administration Commission of Anhui Province, which controls 90 percent of the miner, China Business News reported yesterday.
"We have spun off non-core business and are seeking strategic investors to restructure the company's stake in preparation for the listing," Wang said.
Huaibei Mining chalked up 3 billion yuan (US$440 million) in revenue last year from selling 28 million tons of coal.
The company has proven coal reserves of 8.5 billion tons and ranked 19th among China's coal miners by production capacity in 2009, according to its Website.
Huaibei Mining is one of several SOEs lining up for a listing as the central government has been encouraging SOEs to list their assets. The listing will also help promote mergers among SOEs to form larger and stronger entities.
The state-owned asset regulator intends to cut the number of SOEs to between 80 and 100 this year.
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