(Alliance News) - Bens Creek Group PLC on Friday said Avani Resources Pte Ltd acquired just under 30% of its shares.
Shares in Bens Creek were up 10% at 20.63 pence each in London on Friday morning.
The London-based owner of a metallurgical coal mine in US state of West Virginia said shareholder MBU Capital Group Ltd sold 119.2 million shares, a 29.9% stake in Bens Creek, to Avani, a Singapore-based commodity trader at 18p per share, making the sale worth GBP21.5 million. The transaction took place on Wednesday and settled on Friday.
Bens Creek will receive no funds, as the sale was of existing shares.
MBU will continue to hold a 23.8% stake in Bens Creek with 94.9 million shares. Its intention to sell a portion of its shareholding was first announced back in April.
Chief Executive Officer Adam Wilson said: "We are very much looking forward to working with our new shareholder, and we are sure that this is the start of what will be a burgeoning relationship. The skills and expertise that they bring with them are sure to be invaluable as we build the business."
By Sabrina Penty; Alliance News reporter
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Bens Creek (BEN)