Bens Creek Group PLC (AIM:BEN, OTC:BENCF) said its major shareholder MBU Capital had sold 119.2mln shares to Singapore-based Avani Resources, a major supplier of metallurgical coal to India and China.
Avani now owns 29.86% of the West Virginia-focused metallurgical coal miner as a result of the transaction, which was priced at 18p a share,
Bens Creek added it welcomed the stake switch, noting privately-owned Avani deals primarily in the physical trading of raw material for steel and power production and supplies metallurgical coal to India and China.
It buys from a large range of coking coal exporting regions, including Australia, Africa, the United States, Canada, China and Indonesia, Bens Creek added.
Following the transaction, MBU will have a 23.78% stake in Bens Creek, with Mohammed Iqbal, its ultimate beneficial owner, holding a further 0.83%.
In total, parties aligned with MBU will own 32.71%.
Adam Wilson, Bens Creek's chief executive, commented: "We are delighted to welcome Avani as a shareholder.
"The arrival of a global commodity trading group, which is the largest importer of metallurgical coal into India, on our share register is further confirmation of the appeal of the Bens Creek coal brand and testament to the underlying quality of our product.
"We are very much looking forward to working with our new shareholder, and we are sure that this is the start of what will be a burgeoning relationship."