Noble Group raises stake in Mongolian railways firm in exchange for debt repayment www.businesstimes.com.sg
NOBLE Group has bought an additional 10 per cent stake in Northern Mongolian Railways Limited (NMRL), a subsidiary of Australia-listed Aspire Mining Limited for US$1.4 million.
NMRL owns a concession to build, operate and transfer a railway line in Mongolia through its 100 per cent owned subsidiary Northern Railway LLC.
The consideration was satisfied through the conversion of debt owed to Noble Group's wholly owned subsidiary Noble Resources International Pte Ltd (NRIPL) by Ovoot Coking Coal Pte Ltd, a wholly owned subsidiary of Aspire.
The shares carried a negative book value of A$833.8.
Published Date:2017-12-29