Shanxi Coking Coal Energy to acquire 51% equity in Huajin Coking Coal, 49% equity in Peal Coal

Shanxi Province, China-based Shanxi Coking Coal Energy Group Co., Ltd has announced that it plans to acquire 51 percent equity in Huajin Coking Coal Co., Ltd and 49 percent equity in Peal Coal Co., Ltd at respective prices of RMB 6.599 billion ($1.04 billion) and RMB 442.63 million ($69.6 million).

In particular, cash payment will account for 15 percent of the transaction value, while equity payment will account for 85 percent. The main business of the two companies to be acquired is the mining, processing and sale of coal.