Prosperity cement business disposal update

Prosperity cement business disposal update
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 .
Published under Cement News