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C&G Env agrees to reverse takeover by India's Sainik-Aryan Group

MAINBOARD-LISTED C&G Environmental Protection Holdings has entered into a S$400 million proposed deal with Param Mitra Coal Resources Pte Ltd, which would result in a reverse takeover of the former by India's Sainik-Aryan Group, a coal energy company.

Param Mitra Coal Resources is backed and managed by the Sindhu family who owns leading India-based coal, logistics and power player Sainik-Aryan Group.

In a post-market announcement on Thursday, C&G, now a cash company, said it "believes that the proposed transaction will provide an opportunity for the company to remain listed and to acquire a new business that has potential for growth".

The proposed deal, agreed on Thursday, will have C&G allot new shares to Param Mitra Coal Resources.

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Param Mitra Coal Resources holds 100 per cent of Param Mitra Coal Resources One, Param Mitra Coal Resources Two, and Dragon Power Investments. It also holds a 76 per cent stake in Unity Holding Business Singapore Pte Ltd. These target companies are focused on mining and trading of thermal coals sourced from various coal mines in Indonesia.