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Sino Construction to bid for Guildford Coal

World Coal,

According to The Australian, Sinapore-based Sino Construction Limited is planning a takeover bid for Australian company, Guildford Coal Limited.

Sino Construction plans to bid AU$ 0.0613 per Guildford Coal share to buy 100% of the company, the newspaper reports. Guildford Coal has coal-mining projects in Queensland and in Mongolia, with the projects in Mongolia having a pretax net present value of approximately AU$ 300 million to AU$ 400 million.

Sino claimed will fund the acquisition by issuing one new ordinary share in Sino Construction for every 4.5 Guildford Coal shares.

The company plans to change its name to Magnum Strategic Resources Ltd. to better reflect its new business direction, as it transforms to a mineral resources and energy company.

Edited from various sources by Katie Woodward

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