Coal of africaStockholders approve $100m share issue to Chinese firm

Coal of Africa Limited (CoAL) had received the green light from its shareholders to proceed with issuing shares to state-owned Haohua Energy International (HEI), the company said on Friday. The approval has sealed the deal involving HEI, a subsidiary of Beijing Haohua Energy Resource (BHE), investing $100 million (R893m) in CoAL. The deal was approved by both the South African and Chinese regulatory authorities last year. “This investment by HEI will form the basis for a strategic partnership between CoAL and BHE that will facilitate the development of CoAL’s assets,” CoAL chairman David Brown said. CoAL shares fell 1.89 percent to R3.12 on Friday. – Dineo Faku