Sponsored by China Mining Association (CMA)
About Chinese Contribution
 
   
   

Home >> News >> Int'l Highlights

Manhattan Resources to acquire Chinese mining firm for $1 billion

(www.straitstimes.com)
Updated: 2014-05-22 14:49
Counter:

    Coal transporter Manhattan Resources has agreed to acquire mining firm Singxin Resources for $1 billion, in its first foray into China's mineral mining industry.
   
    It will pay 73 cents apiece for about 1.4 billion shares, or 73 per cent of Singxin's enlarged share capital, Manhattan said in a statement filed with the Singapore Exchange on Thursday.
   
    If the acquisition is successful, Manhattan will offer a one-for-one bonus issue of about 1.9 billion warrants at $1 apiece for existing shareholders.
   
    "This latest proposed acquisition offers a chance for the company to acquire a new business which will in turn provide it with a potential growing revenue stream and enable the company to diversify its operations and build a sustainable business," said Mr David Low, chief executive and managing director of Manhattan.
 

Relating

Comment: Name ValidCode View Comment
     
  Copyright 2001-2010. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Mining Association (CMA). Without written authorization from CMA, such content shall not be republished or used in any form.
If you have any suggestion or opinion, please contact us: (8610) 66557688 or
english@chinamining.org
Note: Browsers with 1024*768 or higher resolution is suggested for this site. Mail Server