29th Jun 2016 16:47
LONDON (Alliance News) - Prudential PLC has increased its stake in AIM-listed New World Resources PLC by 10% after purchasing shares late last week.
Prudential already held 632.8 million shares in the company and was the third largest shareholder with a 19.17% stake, but has now pushed its total holding up to 1.09 billion shares to increase that stake to 29.02%.
That means Prudential is now the largest shareholder in New World Resources, as Ashmore Investment Management Ltd held a 23.34% stake.
New World Resources said back in May that it expected to distribute around EUR8.0 million or less to shareholders once the subsidiary that holds all of the company's assets is wound-up as the company tries to repay just under EUR600.0 million worth of debt.
New World is in the process of winding-up its operating subsidiary, OKD AS, after New World filed an insolvency petition on its behalf to courts in the Czech Republic.
By Joshua Warner; [email protected]; @JoshAlliance
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