Yancoal allocates 68.4 million new shares under global offering

Company News

by Rachael Jones

Yancoal (ASX:YAL) has allocated over 68 million new shares to investors under the global offering at an offer price of HK$23.48 per Share, that's equivalent to $4.15 Australian dollar per share, to raise total proceeds of HK$1.605 billion.

The global offering is fully underwritten.

Settlement of the global offering, and the issue and commencement of trading of the shares on the Hong Kong Exchange is expected on Thursday, 6 December 2018.

Yancoal said the funds would be used to repay debt, to finance potential acquisitions, to fund the acquisition of an additional 4 per cent in the Moolarben joint venture, and for working capital.

Yancoal operates five mines and manages five others across New South Wales, Queensland and Western Australia, and also has a 50 per cent share in the Middlemount joint venture.

Shares in Yancoal (ASX:YAL) last traded at $3.25 on Wednesday.

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