Prosperity cement business disposal update
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 .
Published under Cement News
