NH Ceramics

NH Ceramics: Group lodged the OIS for its proposed acquisition of BlackGold Asia and BlackGold Energy for US$150m, which will result in a reverse takeover by the vendors, who will collectively own 83.2% of the company. The sale consideration will be satisfied via the issue of 3.18b new shares at $0.059 each, including 254.2m shares allotted to UOB Kay Hian as payment for arranger fees. The target companies own 53,000 ha of coal concessions in the Riau province of Sumatra and the transaction would enable the NHC to gain entry into Indonesia's growing coal mining industry. Post-deal, NHC will undergo a five-into-one share consolidation. It will go XE on 5 Mar for its 5-into-1 share consolidation.