Shanxi Coal Agricultural Development Co., Ltd. signed an agreement to acquire Shanxi Coal International Energy Group Xinzhou Co., Ltd. from Shanxi Coal International Energy Group Co.,Ltd for CNY 7.3 million.
May 23, 2017
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Shanxi Coal Agricultural Development Co., Ltd. signed an agreement to acquire Shanxi Coal International Energy Group Xinzhou Co., Ltd. from Shanxi Coal International Energy Group Co.,Ltd (SHSE:600546) for CNY 7.3 million on May 23, 2017. In a related deal, Shanxi Coal Non-ferrous Metal Group Co., Ltd. agreed to acquire Shanxi Coal International Energy Group Huanan Co., Ltd. from Shanxi Coal International Energy Group Co., Ltd for CNY 1. For the year ended December 31, 2016, Shanxi Coal International Energy Group Xinzhou Co., Ltd. reported total assets of CNY 120.4 million, revenues of CNY 5.7 million, net loss of CNY 14.1 million and net assets of CNY 3 million. The Board of Directors of Shanxi Coal International Energy Group Co.,Ltd approved the deal on May 23, 2017. The deal requires further approval from shareholders of Shanxi Coal International Energy Group Co.,Ltd. As on June 14, 2017, shareholders approval is still pending. The transaction has been approved by the shareholders of Shanxi Coal International Energy Group Co.,Ltd. on June 30, 2017.
Shanxi Coal International Energy Group Co.,LTD mainly operates through three business segments, including Coal Production segment, Sale and Transportation of Coal segment and Non-coal Trading segment. Coal Production segment is involved in the production of raw coal and cleaned coal for the production of coke coal and power coal. Sale and Transportation of Coal segment is involved in the sale and transportation of power coal, coking coal, anthracite coal and semi-anthracite coal, which are mainly used in electric power and metallurgy industries. Non-coal Trading segment is involved in the trading of other mineral products and steel. The Company operates its business in domestic market and to overseas market.
Shanxi Coal Agricultural Development Co., Ltd. signed an agreement to acquire Shanxi Coal International Energy Group Xinzhou Co., Ltd. from Shanxi Coal International Energy Group Co.,Ltd for CNY 7.3 million.