Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – JSE-listed Coal of Africa Limited (CoAL) on Monday told shareholders that no binding agreements had been entered into with Hong Kong-based Haohua Energy International (HEI) for a proposed $5-million buy-in into the South African coal producer.
The company was responding to HEI’s earlier Shanghai Stock Exchange announcement indicating plans to subscribe for CoAL shares at $0.0435 apiece.
“At this time, discussions remain incomplete and no binding agreements have been entered into,” CoAL stated.
Further, the company noted that any subscription by HEI would be subject to CoAL shareholder approval, as well as necessary regulatory approvals within the People’s Republic of China and approval for the issue of the subscription shares from the Australian Foreign Investment Review Board.