BlackGold gains 12.5% on proposed reverse takeover

Singapore

SHARES of BlackGold Natural Resources rose 12.5 per cent on Friday, after the Catalist-listed company proposed to acquire Tengri Coal and Energy (TEC) for a tentative S$1 billion - to be adjusted following an independent valuation.

TEC owns the entire issued and paid-up share capital of Tengri Petrochemicals (TPL), which in turns owns the share capital of Tsaidam Energy.