SGX-listed Manhattan Resources to acquire Singxin Resources for S$1billion
- POSTED: 22 May 2014 17:15
The all-share deal will allow Manhattan Resources to enter the mineral mining industry.
SINGAPORE: Singapore-listed Manhattan Resources plans to acquire mining group Singxin Resources in an all-share deal worth S$1 billion.
In a filing to the Singapore Exchange on Thursday (May 22), Manhattan Resources said it will issue some 1.37 billion new shares valued at 73 cents each to Singxin.
Singxin will end up holding a 73 per cent stake in Manhattan Resources' enlarged share capital should the deal go through.
Manhattan Resources said the deal will allow it to make a foray into the mineral mining industry and raise its knowledge of the industry.
The company added that minerals uncovered in the concession area include chrome, serpentine and magnesia.
Serpentine is a mineral that can be used to produce either magnesia (magnesium oxide) or magnesium (metal). Magnesia has wide industrial applications and is used in a number of industrial applications such as fertilisers, pharmaceuticals and construction.
Manhattan Resources, formerly known as Links Island Holdings, is currently engaged in barging activities as well as the provision of logistics, marine transportation and support services to the coal mining and resources industries in Indonesia.