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06/07/2018 09:31
China Hanwang (3788) sells the Indonesian mining industry to controlling shareholders for 350 million yuan
"Information letter of the l & # "China Hanwang Economic Press Agency (03788) Announced the sale of 70% of Hanwang shares (Indonesia), the total
consideration of 350 million yuan (RMB below), the product will be used to develop recent acquisition of the Australian gold mining company
Primary Gold Ltd. Development of gold mining projects and other mining projects, and supplement the working capital of the company.
The buyer is Tuochuan Capital Ltd. Yang Ji
one of the leading shareholders and one of the majority shareholders of China Hanwang, is 100% owned.
China Hanwang is expected to record a premium of about 131 million yuan on the surrender. Since the buyer of the transaction is the controlling shareholder of the corporation, the public division
should include the premium generated by the sale in the capital reserve.
The Chinese Hanwang explained that due to constant changes in the Indonesian government's mining export laws, Hanwang (Indonesia) recorded losses in 2015 to
. Management believes that the sale of Hanwang (Indonesia) will be beneficial. Improve the profitability of the existing portfolio
and improve the structure of the badets and liabilities of the company. In addition, Indonesian law has placed restrictions on the participation of foreign-owned mining companies. The sale of Hanwang shares
(Indonesia) will fundamentally eliminate the legal risks to which the company is exposed. (cl)
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