SINGAPORE - The Singapore Exchange (SGX) announced on Thursday that BlackGold Natural Resources Ltd has joined the Catalist board under the stock code "41H" following the completion of a reverse takeover by building materials supplier NH Ceramics Ltd.
BlackGold Natural Resources and its subsidiaries are an Indonesian-led group of companies principally engaged in coal exploration and mining in the Riau province.
Said Mohamed Nasser Ismail, Head of SME Development and Listings, SGX: "SGX continues to grow in appeal as a venue for coal listings. BlackGold Natural Resources is the third coal company to be listed here and our second new coal listing in the last five months. We look forward to partnering the company in its growth ambitions."
The listing of BlackGold Natural Resources brings the total market capitalisation of SGX-listed coal companies to $626 million, and the total number of companies in the mineral, oil and gas sector to 26 with a combined market capitalisation of S$3.9 billion.
Said Philip Cecil Rickard, CEO of BlackGold Natural Resources: "As Indonesia is a resource-rich nation with a growing domestic demand for energy, we are confident that BlackGold's assets and corporate strategy to provide coal for power will create future value for our new shareholding base in Singapore."
Shares of BlackGold Natural Resources opened for trading on Thursday at 28.5 cents, down 5 per cent.
The listing follows the acquisition by NH Ceramics of the entire issued and paid-up share capital of BlackGold Asia Resources Private Limited and BlackGold Energy Limited for $187.5 million, satisfied fully by the issue and allotment of shares in NH Ceramics.