logo-loader
Adamas Finance Asia Limited

Adamas Finance creates new ownership structure for its Chinese magnesium mine

Adamas is preparing for the restart of operations in the second half of 2019

Adamas Finance Asia -
Looking ahead Adamas may seek to monetise the asset

Adamas Finance Asia Ltd (LON:ADAM) is restructuring its equity and debt interests in Hong Kong Mining Holdings, the special purpose vehicle holding its interest in Linfen Zhuangpeng Magnesium Co. Ltd.

Linfen Zhuangpeng owns a large open pit dolomite magnesium limestone operation located in Shanxi Province, China.

The restructuring involves the launch of a new British Virgin Islands incorporated wholly-owned subsidiary of Adamas, Future Metal Holdings Ltd.

As a result of the restructuring, Adamus’s aggregate ownership interest in Linfeng Zhuangpeng will remain unchanged at 84.8%, but will now be held through two wholly-owned SPVs, Future Metal and Dynamite Win Limited.

Adamas believes that the restructuring comes at an opportune time as Adamas prepares for the restart of operations at the mine in the second half of 2019. The restructuring is also in line with Adamas's objective of repositioning and eventually monetising this investment, as the new name Future Metal more accurately depicts the nature of the business and its growth prospects.

Quick facts: Adamas Finance Asia Limited

Price: £0.30

Market: AIM
Market Cap: £26.37 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Adamas Finance Asia Limited named herein, including the promotion by the Company of Adamas Finance Asia Limited in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Restructuring beginning to have 'considerable effect' on...

Suresh Withana from Harmony Capital, the investment manager of Adamas Finance Asia Limited (LON:ADAM), caught up with Proactive London to discuss its results for the six months to June 2019. Total income increased to US$1.25mln from interest payments and fair value adjustments (H1...

1 week, 3 days ago

2 min read