3rd Jun 2016 14:42
LONDON (Alliance News) - Oracle Coalfields PLC Friday noted "higher than normal level of trading activity in its shares", and said it has inked a shareholder framework agreement with a consortium of new and existing Chinese partners for its Pakistan subsidiaries.
Under the agreement, which is subject to conditions, the consortium will take a 70% stake in its subsidiaries in Pakistan in order to advance the development of its combined lignite mineral resource and mine mouth power plant located in the Thar desert, in the south-east of Sindh Province.
Oracle will make a further announcement in due course, it said.
Shares in Oracle Coalfields were up 11.1% at 3.00 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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