Chinese approval for CoAL investmentComment on this story
Coal exploration‚ development and mining company Coal of Africa (CoAL)(CZA) announced that Haohua Energy International (Hong Kong) Co. Limited (HEI)‚ has received the requisite approvals ahead of schedule from the relevant authorities in the People’s Republic of China (PRC) to proceed with the subscription for subscription for US$100 million of CoAL shares.
This equates to 25 US cents per share. Haohua Energy International (Hong Kong) Co. Limited is a wholly owned subsidiary of Beijing Haohua Energy Resource Co. Limited (BHE).
The regulatory approvals are valid for two years.
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.” - I-Net Bridge