Kiu Hung to buy coal mine rights in Inner Mongolia
Toy maker and coal mine exploration company Kiu Hung International Holdings Ltd said on Wednesday it would buy the mining and exploration rights of two coal mines in Inner Mongolia in China for HK$840 million ($107.7 million).
Kiu Hung said in a statement that HK$420 million of the purchase would be settled by an issue of new shares at HK$0.70 each and HK$260 million by an issue of convertible notes with a conversion price of HK$0.70 a share. The remainder will be settled by internal resources and banking borrowing, it added.
The Hong Kong-listed company said it would buy the entire Lucky Dragon Resources Ltd from Gold Dynasty Investments Ltd, which is 45 percent owned by Kiu Hung's directors, Dennis Yu and Leslie Kau. Yu and Kau hold 14.34 percent of Kiu Hung.
Lucky Dragon holds the mining rights and operation facilities and properties of the Huanghuashan Coal Mine in Tongliao City, and the exploration rights of Xi Meng Coal Mine in Xilinguolemeng of Inner Mongolia.
Shares of Kiu Hung have risen more than 92 percent so far in 2007 to HK$1.27 prior to a trading suspension on Aug. 16. Trading in the shares will resume on Wednesday afternoon. ($1=HK$7.8)
1 comment:
My friend and I were recently discussing about the prevalence of technology in our day to day lives. Reading this post makes me think back to that discussion we had, and just how inseparable from electronics we have all become.
I don't mean this in a bad way, of course! Ethical concerns aside... I just hope that as technology further innovates, the possibility of downloading our memories onto a digital medium becomes a true reality. It's one of the things I really wish I could encounter in my lifetime.
(Posted on Nintendo DS running [url=http://kwstar88.insanejournal.com/397.html]R4i SDHC[/url] DS TF3)
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