LONDON (Alliance News) - CIC Capital Limited said Wednesday that it had increased its equity interest in CIC Gold Limited to 59.87% after providing additional advisory services to it, but will sell its stake down to 49% before the end of the current financial year.
It will also put its stake in an unlisted Canada-based holding company it is creating.
In a trading update, CIC Capital also said it had established a coal trading unit, CIC Coal, which will be listed on an exchange relevant to the unit's clients in the future.
It has also created a Chinese subsidiary called King Harmony Group for facilitate coal trading and logistics there. King Harmony, which will include assets from Chinese and Western coal operators, is fully permitted in China to import and export energy commodities, a process that took nearly two years, it said.
Shares in the mining and energy consulting company were trading down 3.1% at 6.18 pence Wednesday late morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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