Endocoal appoints new director

CHINESE investment group Hidili Asset Management founder Frederick Chi Ming Yu has been appointed to the board of Endocoal as a non-executive director.
Endocoal appoints new director Endocoal appoints new director Endocoal appoints new director Endocoal appoints new director Endocoal appoints new director

Endocoal chairman Alan Broome.

Lauren Barrett

Yu is also president of Hidili Asset Management, which is Endocoal’s 15% shareholder.

The company, which focuses on investing in the resources and mining sectors in China and Australia, is a subsidiary of Hidili Industry International Development. Hidili is a major Chinese coking coal producer and is listed on the Hong Kong Stock Exchange.

Graduating with a business degree from the University of Hong Kong, Yu has worked for a number of investment banks and was investment director for Microsoft in the Greater China region.

Endocoal chairman Alan Broome said he was glad to have Yu on the team, and it was only natural he joined Endocoal.

"The appointment of Fred to the Endocoal board is evidence of the high opinion which we hold of him as a person and the support of his parent company,” Broome said.

“With Endocoal now seeking to become a near term thermal coal producer from our Meteor Downs South and Inderi projects as well as developing the Rockwood PCI prospect, it is appropriate that Fred joins the Endocoal team.”

Endocoal recently raised $A6.9 million in an institutional placement as part of a $14.9 million equity raising spree to advance its Rockwood and Orion Downs projects.

The institutional placement came from the issue of 17.8 million shares at 39c each, while a share purchase plan to eligible retail investors aims to raise another $8 million.

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