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Singapore Blumont agrees terms of coal mining company takeover

World Coal,

Singapore conglomerate Blumont Group announced that it has reached agreement on the commercial terms of a proposed takeover of a foreign listed coal mining company.

The terms of the agreement, worth approximately S$ 145.9 million, are to be satisfied by way of an allotment and issue of up to 72.2 million new Blumont shares. Blumont did not name its target, however said it had made previous investments in the company. It has been noted that Australian coal explorer Cokal Ltd, a company Blumont has previously invested in, went on a trading halt at the same time.

An examination of the audited financial statements of the target company for the financial year ended 30 Jun 2013 reveals a total loss of approximately S$ 7.9 million.

Cokal is focused on developing metallurgical coal in Indonesia, where its Bumi Barito Mineral project was recently granted a mining production license. The company has yet to comment.

Adapted from press release by Katie Woodward

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