Yangquan Coal Industry Co., Ltd. announced that it expects to receive CNY 2 billion in funding from Everbright Jin’ou Asset Management Co., Ltd., Everbright Yongming Asset Management Co., Ltd, and other investors
July 16, 2019
Share
Yangquan Coal Industry (Group) Co., Ltd. announced a private placement to issue not more than 20,000,000 preferred shares at issue price of CNY 100 per share for gross proceeds of not more than CNY 2,000,000,000 on July 17, 2019. The transaction includes participation from not more than 200 investors which includes, Everbright Yongming Asset Management Co., Ltd which will subscribe to not more than 10,000,000 shares for gross proceeds of CNY 1,000,000,000 and Everbright Jin’ou Asset Management Co., Ltd. which will subscribe to not more than 5,000,000 shares for gross proceeds of CNY 500,000,000 through subscription agreement between the company and the investors. The transaction has been approved by the board of directors of the company at its 30th meeting of the 6th directorate. The transaction needs to be approved from shareholders of the company and the China Securities Regulatory Commission. The company will issue shares not less than 50% of the total transaction amount within six months from the date of approval by the China Securities Regulatory Commission and the remaining will be issue within 24 months from the date of approval by the China Securities Regulatory Commission. The transaction will remain valid from the date of approval from the shareholders of the company in the general meeting till the date of completion of the other authorization matter.
Yang Quan Coal Industry (Group) Co., Ltd. is one of the largest Chinese coal producers. The group's activity is organized around two areas:
- production and sale of coal;
- production and distribution of electricity and heat.
All sales are earned in China.
Yangquan Coal Industry Co., Ltd. announced that it expects to receive CNY 2 billion in funding from Everbright Jin’ou Asset Management Co., Ltd., Everbright Yongming Asset Management Co., Ltd, and other investors