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HONG KONG, May 30, 2011 - (ACN Newswire) - APAC Resources Limited ("APAC")(HKEx: 1104), an established natural resources investment and commodity trading company, announces the acquisition of 27.65% of APAC's total issued share capital at HK$0.70 per share by Allied Overseas Limited ("Allied Overseas")(HKEx: 0593) from COL Capital Limited ("COL Capital")(HKEx: 0383). The proposed acquisition is subject to the approval of shareholders of Allied Overseas and COL Capital at their respective general meetings.
"We are pleased with Allied Overseas' investment in APAC," says Mr. Andrew Ferguson, Chief Executive Officer and Executive Director of APAC. "The bid at HK$0.70 per share underlines the deep value of APAC's stock, with a premium of approximately 61% over the closing price of APAC's shares on 24th May 2011, prior to the announcement of the proposed acquisition."
In its announcement dated 26th May 2011, Allied Overseas stated that it has been seeking different investment opportunities which have potential for future growth and enhancement of shareholder value. Additionally, in the view of the board of directors of Allied Overseas, the acquisition of APAC's shares enables Allied Overseas to diversify into other businesses and benefit from future rises of commodity markets in the PRC through the strong presence of APAC in the industry.
The net asset value of APAC was HK$1.04 per share as at 30th April 2011 based on 6,892,567,990 shares then in issue.
Contact:
APAC Resources Limited
Frederick Wong, Chief Financial Officer
Frances Tse, Investor Relations/Marketing Manager
Tel: +852 2541 0338
Email: info@apacresources.com
Strategic Financial Relations Limited
Iris Lee
Tel: +852 2864 4829
Email: iris.lee@sprg.com.hk
Sherman Yu
Tel: +852 2114 4956
Email: sherman.yu@sprg.com.hk
Shirly Chan
Tel: +852 2864 4883
Email: shirly.chan@sprg.com.hk
Kelly Tam
Tel: +852 2114 4987
Email: kelly.tam@sprg.com.hk
Topic: Investment
Source: APAC Resources
Sectors: Metals & Mining, Energy, Alternatives
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From the Asia Corporate News Network
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