PMHL Prosperity

 

TIDMPMHL 
 
RNS Number : 1396R 
Prosperity Minerals Holdings Ltd 
16 August 2010 
 

16 August 2010 
 
                      Prosperity Minerals Holdings Limited 
                ("Prosperity", or "the Company" or "the Group") 
 
     Further Announcement in relation to the Guangzhou Properties Agreement 
 
 
Prosperity Minerals Holdings Limited (AIM: PMHL.L) is an iron ore trading 
business serving the People's Republic of China ("PRC") and also a holder of 
investments in entities involved in the manufacture and sale of cement and 
clinker and specialty real estate development properties in the same market. 
 
Further to the announcements released on 1 June 2010 and 30 July 2010, the 
Company today announces that it has been informed by its majority shareholder, 
Prosperity International Holdings (H.K.) Limited ("PIHL"), that the Guangzhou 
Properties Agreement was approved by PIHL's independent shareholders at a 
Special General Meeting of PIHL held on 16 August 2010. 
 
The Company is pleased to announce the completion of the Guangzhou Properties 
Agreement ("Completion") and that the balance of the consideration of HK$630 
million (approximately GBP52 million) was paid today following the conclusion of 
PIHL's Special General Meeting. In addition, as previously announced on 30 July 
2010, should there be any adjustment to the Bliss Hero Loan amount (of which 
HK$408.5 million (approximately GBP33.7 million) was outstanding as at 31 March 
2010) at Completion, it will be paid as soon as practicable following agreement 
of the adjustment but not later than 60 days after Completion. Unless otherwise 
specified, the capitalised terms used in this announcement shall have the same 
meaning as those defined in the announcement dated 1 June 2010. 
 
Enquiries: 
 
Prosperity Minerals Holdings Limited                          +44 (0) 20 7638 
9571 
Patrick Li 
Sandy Chim 
Neelke Kruger 
 
Citigate Dewe Rogerson                                              +44 (0) 20 
7638 9571 
Martin Jackson 
George Cazenove 
Kate Lehane 
 
Daniel Stewart & Company plc+44 (0) 20 7776 6550 
Emma Earl 
Paul Shackleton 
 
 
Notes to Editors: 
 
Prosperity (AIM: PMHL) is: 
 
*   an iron ore trading business serving the PRC; 
 
*   involved in the manufacture and sale of cement and clinker in the same 
market; and 
 
*   an investor in specialty real estate development projects. 
 
Prosperity recently disposed of its cement business in the PRC but retained its 
33.06% interest in Anhui Chaodong Cement Company Limited ("ACC"). ACC is located 
in Anhui Province in eastern PRC. The designed sellable output capacity of 
clinker** and cement at ACC is 3.4 million tonnes per year. Prosperity is also 
in the process of acquiring a 25% equity interest in Liaoning Changqing Cement 
Co. Limited ("Liaoning Changqing"). Liaoning Changqing recently completed 
construction of a cement and clinker production line in Liaoning, PRC with a 
production capacity of 2 million tonnes per annum. Trial production commenced on 
28 April 2010, the start of normal production is expected in September 2010. 
 
The iron ore trading business has been operating since 1992 and sources iron 
ore, for shipment and use in the PRC, from major international iron ore 
producers in South Africa, Brazil and Australia, as well as from South East 
Asia, Thailand and Malaysia in particular. The majority of the Company's iron 
ore is sold to the large steel manufacturers in the PRC and, in the fiscal year 
ended 31 March 2009, Prosperity shipped 4.4 million tonnes of iron ore. This 
volume increased to 7.9 million tonnes in the fiscal year ended 31 March 2010. 
 
The PRC is the World's third largest economy (behind the US and Japan) and the 
largest producer and consumer of cement and the biggest buyer of iron ore. 
 
As from 1 February 2010, Prosperity also has a real estate investment and 
development division and has recently entered into a number of agreements 
designed to build up a portfolio of PRC property and development assets. 
 
**Clinker is a complex calcium alumino-silicate material produced by the 
calcinations of limestone and clays. It is then ground and mixed with gypsum to 
form cement or, more correctly, Portland Cement. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGRBXGDISDBBGGL 
 

Prosperity Minerals (LSE:PMHL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Prosperity Minerals (LSE:PMHL)
Historical Stock Chart
From Jul 2023 to Jul 2024