Deal set to lift coal output for North Asia
Source: Bloomberg News |
October 10, 2012, Wednesday
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Print Edition
Print Edition
NORTH Asia Resources Holdings Ltd, a Hong Kong-listed mineral explorer, agreed to buy Lexing Holdings Ltd for HK$4.7 billion (US$606 million) to acquire its 49 percent stake in Shanxi Coal to add production in China.
North Asia will pay HK$400 million in cash or promissory notes and HK$3.7 billion in new shares or bonds to City Bloom Ltd as part of the deal, the Hong Kong-based company said yesterday in a statement. The balance of funds will come from asset sales, it said.
North Asia, which had HK$73.5 million of revenue last year, said in July it would sell its iron ore mining and coal trading operations in Mongolia in favor of acquiring coal mine assets in Shanxi Province. The stock, halted from trading on June 13 pending yesterday's announcement, gained 5.4 percent to 29.5 cents in Hong Kong trading.
City Bloom will hold 29.9 percent of the company's enlarged share capital after the issue of new stock, North Asia said.
Shanxi Coal owns five mines, North Asia said in the statement.
North Asia will pay HK$400 million in cash or promissory notes and HK$3.7 billion in new shares or bonds to City Bloom Ltd as part of the deal, the Hong Kong-based company said yesterday in a statement. The balance of funds will come from asset sales, it said.
North Asia, which had HK$73.5 million of revenue last year, said in July it would sell its iron ore mining and coal trading operations in Mongolia in favor of acquiring coal mine assets in Shanxi Province. The stock, halted from trading on June 13 pending yesterday's announcement, gained 5.4 percent to 29.5 cents in Hong Kong trading.
City Bloom will hold 29.9 percent of the company's enlarged share capital after the issue of new stock, North Asia said.
Shanxi Coal owns five mines, North Asia said in the statement.
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