China Natural Resources spins off coal

CHINA Natural Resources has received the green light from its board to spin off its coal mining and related businesses into a new entity, Feishang Anthracite Resources.

Donna Schmidt

The company said the break-away would be effected by way of a distribution in specie by China Natural Resources of all of Feishang Anthracite's issued and outstanding ordinary shares with a par value HK1c per share on a pro rata basis to common shareholders.

No offering of any ordinary shares or any other securities of Feishang Anthracite will be offered.

Post spin-off, China Natural Resources will continue its NASDAQ listing as well as continue operating its non-ferrous metals mining and related businesses.

Director and executive vice president Tam Cheuk Ho and director and chief financial officer Wong Wah On Edward have confirmed their respective resignations.

Tied to the spin-off the pair will assume positions with Feishang Anthracite.

To replace Wong, Ma Sin Ling has been tapped to serve as a director until the company’s next annual meeting and will also be CFO and corporate secretary until otherwise determined.

Effective upon Tam's resignation, the company's board also selected Woo Ming Yee to serve as a director until the next shareholder meeting.