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Shanxi Coal International Energy raising CNY 5 billion thru private placement

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Publish time: 26th September, 2011      Source: ChinaCCM
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China Knowledge reported that Shanxi Coal International Energy Group Co Ltd had won approval from the China Securities Regulatory Commission to raise up to CNY 5.5 billion through a private placement.

The company said May this year that it plans to issue 242 million at a price of not lower than CNY 22.76 apiece in the deal. Proceeds from the deal will be used to acquire seven coalmines and an ocean shipping company from its controlling shareholder, Shanxi Coal Import and Export Group Co.

The seven coalmines to be bought are expected to produce a total of 260 million metric tons of coal