Coal of Africa Ltd (CoAL) is pleased to announce that Haohua Energy International (Hong Kong) Co. Ltd (HEI), a wholly owned subsidiary of Beijing Haohua Energy Resource Co. Ltd (BHE), has received all necessary approvals ahead of schedule from the relevant authorities to proceed with a US$ 100 million investment in CoAL. The approvals are valid for two years.
CoAL shareholders to vote on investment
Under agreement, the initial investment of US$ 20 million has been received by CoAL. The outstanding US$ 80 million remains subject to shareholder approval. An extraordinary general meeting will be to held on 25 January 2013 to consider and approve the investment by HEI.
Investment will help “execute the vision” of CoAL
CoAL chairman, David Brown said: “I am pleased that the remaining approvals required by HEI to complete the transaction have been received ahead of the shareholder meeting on 25 January. Upon the conclusion of this transaction, CoAL will be well placed to execute its vision for the future development of the company”.
Coal of Africa currently operates two coal mines in South Africa, producing coal for both domestic usage and export.
Adapted from press release by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/10012013/haohua_energy_international_receives_approval_to_invest_in_coal_of_africa/