3 Jul 2015 07:00
ADAMAS FINANCE ASIA LIMITED
("ADAM" or the "Company")
A1 FILING BY HKMH
The Directors of ADAM are pleased to announce that Hong Kong Mining Holdings Limited ("HKMH") has submitted its A1 Application Form in preparation for an IPO on the Hong Kong Stock Exchange.
HKMH's primary asset is a large dolomite magnesium limestone project in the province of Shanxi, China.
In the reverse takeover completed in February 2014, the Company acquired a 5.68% equity interest in HKMH. The investment included a put option with Superior Profit International Investment Limited, the largest shareholder in HKMH, under which ADAM could sell its interest if HKMH does not IPO by 15 December 2014, at a fixed IRR-based premium. The Company subsequently entered into an agreement to extend the date on which the put option becomes exerciseable to 31 December 2015 in exchange for an additional 5.26% of the existing equity in HKMH. As a result, ADAM's interest in HKMH increased to 10.95%.
CCB International ("CCBI") is acting as sponsor to HKMH. CCBI is wholly owned by China Construction Bank, the second largest bank in the world by total assets.
Further announcements on the IPO process will be made in due course.
Enquiries:
Adamas Finance Asia Limited | |
John Croft | +44 (0) 1825 830587 |
WH Ireland Limited | |
Tim Feather Liam Gribben | +44 (0) 113 394 6600 |
Edmond de Rothschild Securities (UK) Limited | +44 (0) 20 7845 5950 |
John Armstrong-Denby Hiroshi Funaki | |
First City Public Relations (Hong Kong) | +852 2854 2666 |
Allan Piper | |
Tavistock Communications (London) | +44 (0) 20 7920 3170 |
Simon Hudson | |