Kingsgate awaits Akara IPO

Company News

Kingsgate Consolidated Limited (ASX:KCN) says its Thai subsidiary, Akara Resources, has submitted its listing application to the Thai Securities Exchange for an IPO of its shares.

If the IPO proceeds, Kingsgate will retain a 49 per cent interest in Akara and will have the majority of directors on the Akara board.

Kingsgate says it will also continue to support the Chatree Gold Project in Central Thailand on commercial terms.

The Stock Exchange of Thailand will review the submission in coming months, and its final approval decision will depend on market conditions and other factors at the time of approval.

Kingsgate generated a net loss $324 million in fiscal 2013.