Prosperity cement business disposal update

Prosperity cement business disposal update
Published: 05 January 2010

Prosperity Minerals Holdings Ltd said Monday its net proceeds following completion of the disposal of its cement unit are expected to be HK$3800m (US$489m) less any expenses relating to the Disposal, which are expected to be immaterial in comparison.

Main facts:

-The proceeds from the Disposal are payable in cash.

-Upon completion of the Disposal, Prosperity is expected to have the following major assets:

*a substantial increase in its cash position arising from the Consideration of HK$3,800m

*a 33.06% interest in Anhui Chaodong, which is listed on the Shanghai Stock Exchange and which has a total market capitalisation of CNY1,970m (US$288.5m) and a share value attributable to Prosperity of CNY651 million (US$95.3m) as on December 31 .