Noble Group buys into Pan Asia
PERTH (miningweekly.com) – Asia’s largest diversified commodities group Noble Group has taken a 5.34% stake in ASX-listed Pan Asia, worth nearly $500 000.
Pan Asia told shareholders on Thursday that it had entered into a share subscription agreement with Noble, under which the Singapore-listed Noble would subscribe for seven-million shares, at a price of 7c a share.
“We are very pleased to further strengthen the ties between the companies,” said Pan Asia CEO Alan Hopkins.
“We have shared a motivation to expedite the advancement of production at PT Transcoal Minergy, and to pursue additional growth opportunities.”
PT Transcoal Minergy is developing a thermal coal project in South Kalimantan, and is 75% held by Pan Asia.
Hopkins said on Thursday that Noble had a strong understanding of, and presence in the Indonesian coal industry, and could provide Pan Asia with invaluable support in delivering the PT Transcoal Minergy project.
Noble had been appointed as a strategic adviser to PT Transcoal Minergy and would assist the company in coal sales agreements direct to end-customers, as well as with raising capital to finance the development of the thermal coal project.
The share subscription agreement was subject to a number of conditions, including a waiver from the ASX, and Noble’s right to appoint an employee as a director of the Pan Asia board.
Shares issued to Noble would also be subject to a voluntary escrow for a period of nine months.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation