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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.
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.