Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,471.90 54.37 0.38%
TOPIX 1,169.14 2.55 0.22%
HANG SENG 22,760.24 64.23 0.28%

Sharyn Gol JSC Announces Closure of Tender Offer for and Acquisition of Naco Fuel JSC, Expanding the Company's Operations into



 Sharyn Gol JSC Announces Closure of Tender Offer for and Acquisition of Naco
  Fuel JSC, Expanding the Company's Operations into Value-Added, Clean Coal
                                   Products

PR Newswire

ULAANBAATAR, Mongolia, Sept. 30, 2013

ULAANBAATAR, Mongolia, Sept. 30, 2013 /PRNewswire/ -- Sharyn Gol JSC (MSE:
SHG; "Sharyn Gol") is pleased to announce it has closed the previously
announced tender offer for Naco Fuels JSC (MSE: NKT; "Naco"), with the
acquisition of 11,723,989 shares, representing 92.9% of Naco. Naco owns a coal
enrichment and briquetting plant located in Darkhan, Mongolia. Sharyn Gol
intends to return Naco's plant, which is ideally situated to enrich Sharyn
Gol's coal into clean burning char and smokeless briquettes, to operation in
October 2013.

There is strong demand for smokeless fuel in Mongolia amounting currently to
an estimated 500,000t of smokeless fuel in UB city alone, with additional
markets in the industrial cities of Darkhan and Erdenet, plus other industrial
users. The replacement of raw coal with smokeless fuel as the primary heat
source in the informal housing (ger) districts would significantly reduce air
pollution in Ulaanbaatar and elsewhere. According to a report by the World
Bank, "compared to other cities for which data is available in global
databases, and also compared to Chinese cities with high PM (particulate
matter) concentrations, UB appears to be the most PM-polluted capital and is
among the cities with the worst air quality in the world".

Graham Chapman, Sharyn Gol's CEO, stated: "The Naco acquisition represents a
logical expansion of Sharyn Gol into the highly attractive market for coal
briquettes. Sharyn Gol intends to aggressively expand its smokeless fuel
business and will continue to make opportunistic investments to maximize
revenue and cash flow growth for the benefit of all its shareholders."

Sharyn Gol, located 2,225 kilometers north of Ulaanbaatar, on Mongolia's main
national rail line, is a leading producer of high-grade thermal coal and sells
to state-owned power stations, local cement factories as well as retail
consumers.

For more information, contact:
Mrs. Otgonzul Baatar
E-mail address: mail@sharyngol.com or otgonzul@sharyngol.com
Website: www.sharyngol.com

SOURCE Sharyngol LLC

Website: http://www.sharyngol.com
Contact: Mrs. Otgonzul Baatar, +976-70122226
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement