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2008-7-10 04:00:00 p.m. HKT, XFNA
Hong Kong-listed Bestway Intl to acquire Mongolia mines for 6.98 bln hkd
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HONG KONG (XFN-ASIA) - Bestway International Holdings Ltd, a plastic products
maker, said it will acquire two mines in Mongolia in a deal worth 6.98 bln hkd.
The assets will be acquired from a British Virgin Island-registered firm,
Center Zone Holdings Ltd, it said.
One of the two mines contains poly-metallic ore and is located in the Tov
province of Mongolia, while the other, located in the Gabi-Altai province,
contains coal resources, Bestway said.
The company said it will pay 15 mln hkd in cash and 80 mln hkd in promissory
notes, while the remainder will be settled by an issue of convertible bonds.
The convertible bonds can be converted into 17.21 bln new Bestway shares,
representing 97.52 pct of its enlarged capital.
The conversion price is set at 0.4 hkd per share, a 3.6 pct discount to
Bestway's previous closing price.
At 3:39 pm, Bestway shares were down 0.01 hkd or 2.41 pct at 0.415.
(1 usd = 7.8 hkd)
george.ng@xfn.com
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