Matex Int'l spins into coal mine operator

Singapore

MAINBOARD-LISTED Matex International is set to become an operator of four thermal coal mines in China through a S$475 million reverse takeover.

The textile specialty chemical maker has entered into a conditional sale and purchase agreement with Australia-listed Blackgold International Holdings to buy its wholly-owned Hong Kong subsidiary Blackgold Holdings HongKong, with S$25 million to be paid in cash, and the rest through the issuance of new shares.

About 69 per cent of the consideration shares will be issued to Blackgold, and subsequently to its shareholders; 25 per cent will go to LionHeart, a subsidiary of mainboard-listed Vibrant Group which has an indirect 5.82 per cent stake in Blackgold; the remaining 6 per cent will be allotted to Portman Capital Development Lt…