APAC Resources bids for Dragon Mining in HKD 2.20 cash offer

APAC Resources (HKEX: 1104) announced a pre-conditional voluntary cash offer through Morton Securities for Dragon Mining Limited (HKEX: 1712) at a price of HKD 2.20 per share. The offer, made on behalf of Allied Properties Resources Limited, targets all issued shares of Dragon Mining not already owned by the Offeror. As of April 1, 2025, the Offeror and parties acting in concert hold 47,097,727 DML shares, representing approximately 29.79% of the issued share capital. The offer values the remaining shares at approximately HKD 244.68 million, financed through a facility granted by Mr. Lee. This potential acquisition is classified as a major transaction for APAC Resources and requires shareholder approval. Trading of APAC and Dragon Mining shares, halted on March 17, 2025, is set to resume on April 2, 2025. The APAC Board considers the Offer could facilitate APAC to obtain a controlling stake in DML at a reasonable price.