KIU HUNG ENERGY INKS MOU TO ACQUIRE MONGOLIAN COAL

Ulaanbaatar, /MONTSAME/. Kiu Hung Energy Holdings Ltd, formerly known as Kiu Hung International Holdings Ltd, has inked a memorandum of understanding with Wonder Return Ltd to purchase First Dean Holdings Ltd, which has three mines in a western province of Mongolia.
The Hong Kong-listed firm will pay between HK$1 billion and HK$1.4 billion in cash or by issuing bonds or notes. The three mines have coal reserves of around 360 million tons in total.
Reportedly, Kiu Hung Energy Holdings last month announced plans to issue 180 million shares for a total of HK$61.02 million. HK$15 million of the net proceeds, which totaled HK$59.3 million, will be used to repay loans and HK$44.3 million will be used to replenish working capital.
S. Batbayar