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Yancoal application to HKEX could mean dual market trade

Published by , Assistant Editor
World Coal,

On Friday 29 June 2018, Yancoal Australia Ltd (Yancoal) made a confidential application to the HKEX for approval of the listing of, and permission to deal in, on the Main Board of the HKEX, the fully paid ordinary shares in Yancoal in issue and the new shares proposed to be issued under the capital raising.

According to the Australia-based coal producer, Yancoal remains fully committed to retaining its listing on the ASX. Accordingly, if the HKEX listing application is approved, Yancoal shares will be able to be traded on both the ASX and the HKEX.

The dual listing on the HKEX will be done in conjunction with a proposed capital raising, details of which are expected to be finalised in due course and announced to the market at that time. Existing Yancoal shareholders will have the opportunity to participate in the proposed capital raising on a pro-rata basis.

Yancoal Chairman Mr Baocai Zhang, commented: “Having established Yancoal as Australia’s largest pure-play coal producer and a major contributor of high quality thermal and semi-soft coal into global markets, we are now taking the next step in our evolution with the listing in Hong Kong.”

“The Hong Kong Stock Exchange is one of the leading global stock markets with impressive access to a diversified and stable investor base from both local and overseas investment communities.”

Yancoal CEO, Reinhold Schmidt, added: “The dual listing of Yancoal and proposed capital raising will allow our business to further enhance its capital structure and build upon the successful completion of our transformative acquisition of Coal & Allied in 2017.”

“Supported by the consistently strong production and financial performance of our three tier-one high quality, low-cost assets, Yancoal is a proven leader within the local resources sector with a long-term vision for continued investment into Australia.”

Details of the proposed capital raising to be undertaken in conjunction with Yancoal’s potential dual listing on the HKEX have not yet been finalised. Yancoal expects that while majority shareholder Yanzhou Coal Mining Company Ltd (Yanzhou) will reduce its percentage ownership interest in Yancoal as a result of the capital raising, Yancoal will remain as a subsidiary of Yanzhou.

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