30th Apr 2014 18:02
LONDON (Alliance News) - Petropavlovsk PLC Wednesday said IRC Ltd has received subscription monies of HKD155.1 million from General Nice Development Ltd.
In a statement, Petropavlovsk said IRC has according allotted and issued 165.0 million new shares to General Nice as a further partial subscription of General Nice's total subscription commitment.
Accordingly, General Nice has already invested over 80% of its total commitments, Petropavlovsk said.
Together with the 1.20 billion shares already held by General Nice, Wednesday, General Nice holds, in aggregate, 1.37 billion shares which represent approximately 28.10% of the total issued share capital of IRC as enlarged by the partial further subscription.
Further to discussions between IRC and General Nice and Cai Sui Xin, the controlling shareholder and Chairman of General Nice, IRC has been assured by General Nice that it will be able to complete the remainder of its subscription commitment by payment to IRC of the remaining amount of HK$296,344,400 on or before 25 June 2014.
Following the subscription of new shares in IRC by General Nice, Petropavlovsk's shareholding in IRC reduced to 45.39% from 46.98%.
"I am very grateful to General Nice and to its chairman, Mr Cai Sui Xin for the great efforts under difficult conditions that have been made in order to complete this additional subscription for new shares in IRC. We look forward to a long and prosperous cooperation with our Chinese co-shareholders," Chairman Peter Hambro said in a statement.
IRC is a producer and developer of industrial commodities and was Petropavlovsk's former Non-Precious Metals Division, prior to its listing on the Stock Exchange of Hong Kong Ltd.
By Samuel Agini; [email protected]; @samuelagini
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