South Africa-based coal producer Coal of Africa Limited (CoAL) has announced that it has received an initial payment of $20 million from China-based coal producer Haohua Energy International (HEI), a wholly-owned subsidiary of Beijing Haohua Energy Resource (BHE), as part of a share subscription agreement.
The transfer of the payment has been completed following the approval granted by the Australian Foreign Investment Review Board (FIRB) for HEI's share subscription in CoAL.
As SteelOrbis previously reported, on October 1 CoAL and HEI signed an agreement according to which HEI would subscribe for up to $100 million of ordinary shares in CoAL at £0.25 per share in two stages.