Sino Construction unveils takeover bid for Australian coal firm

The company is also mulling a name change.

SGX Mainboard-listed Sino Construction Limited today revealed that it intends to make an off-market takeover bid to acquire a 100% stake in Australian-listed Guildford Coal Limited.

GUF is a mineral resources company that has coal-mining projects in Queensland, Australia and Mongolia, Central Asia that are in various stages of development.

The bid will be made at a bid price of A$0.0613 (approximately S$0.069) per GUF share. The consideration will be satisfied via an allotment and issue of 1 new ordinary share in Sino Construction for every 4.5 GUF Shares. Up to 229,639,650 new Shares may be issued as the consideration for the takeover bid

Sino Construction is moving away from its legacy business and seeking opportunities for the acquisition and holding of investments in high grade and coking coal resources projects and companies. In line with the diversification, the company also revealed that it is proposing a name change to Magnum Strategic Resources Limited.

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