Anyuan Coal progresses on major asset swap plan

Anyuan Coal Industry Group (SSE:600397) announced that it is progressing with its planned major asset replacement and related transaction with its controlling shareholder, Jiangxi Tungsten Holding Group. The proposed deal involves Anyuan Coal swapping its coal-related assets and liabilities for a 57% stake in Ganzhou Jin Huan Magnetic Separation Technology Equipment Co., Ltd., held by Jiangxi Tungsten Holding Development Co., Ltd, a subsidiary of Jiangxi Tungsten Holding Group. The difference in the value of the assets will be settled in cash. The company noted that the specific asset scope, transaction price, and other key elements are yet to be finalized, and no definitive agreement has been signed. Anyuan Coal advised investors that the transaction is still subject to further negotiation, approvals and carries uncertainties.