Carabella Resources Limited
(ASX:CLR) has hired UBS AG to find buyers after China Kingho Energy Group offered to buy the Queensland coal explorer for $66.4 million.
China Kingho’s wholly-owned unit, Wealth Mining Ltd, is offering 42 cents a share to buy the Brisbane-based company.
The target says it has received a number of expressions of interest from other parties.
Wealth Mining already has an 11 per cent stake in Carabella.
Carabella Resources booked a net loss of $8.1 million in fiscal 2013.
