Boustead Singapore Enters OM Holdings

Mining News

Saturday, 21 January 2012 09:52

Written by Patrick Chang

Theindonesiatoday.com - Boustead SINGAPORE Limited has on January 21, 2012 entered into a share subscription agreement with OM Holdings Limited, a company listed on the Australian Stock Exchange (ASX).

OMH has agreed to issue 50 million ordinary shares at A$0.35 per share for a total subscription price of A$17.5 million. After the transaction, Boustead will have 10% shares in OM Holdings Limited.

The Subscription Price of A$0.35 per share represents, as at 20 January 2012, a discount of 8.8% to the 15-day and 5.2% to the 30-day volume-weighted average price of OMH’s shares on the ASX.

OMH has its foundations in metals trading – incorporating the sourcing and distribution of manganese ore products and subsequently in processing ores into ferro-manganese intermediate products.

The OMH Group now operates commercial mining operations – leading to a fully integrated operation covering Australia, China and Singapore.

"The proposed subscription of shares in OMH will cement the strategic relationship between OMH and Boustead, bringing together Boustead’s accumulated international experience in the development and commissioning of world-class engineering and infrastructure-related projects and OMH’s future growth plans in the manganese industry, particularly the construction and operation of energy intensive ferro alloy manufacturing facilities in South-East Asia," Boustead argued. (Indonesia Today)

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