News Column

Origo Partners Portfolio Company Ups Stake In Thermal Coal Project

August 19, 2014

Samuel Agini

LONDON (Alliance News) - Origo Partners PLC, the China-focused private equity investor, Tuesday said portfolio company Celadon Mining Ltd has increased its stake in the Chang Tan West thermal coal project in Inner Mongolia for an undisclosed, staged cash consideration.

Celadon increased its stake in Chang Tan West to 80% from 62% previously, which followed the acquisition of an initial 23% equity stake in the project in 2012 for USD44.0 million.

Origo is Celadon's largest institutional shareholder with a 9.7% equity stake, acquired in 2011 for about GBP8.0 million.

"The consolidation of Celadon's holding in Chang Tan West is a significant positive development, and we would expect the increased holding to substantially improve the potential returns from the future development of Chang Tan West," Origo Chief Executive Chris Rynning said in a statement.

Origo shares were Tuesday untraded at 7.75 pence.

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Source: Alliance News

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