Fushan raises $252 million for acquisition

The chairman of the coking coal company buys a quarter of the placement that forms part of an acquisition financing package arranged by BOCI.

Fushan International Energy Group, a Shanxi-based coking coal processor, raised HK$1.97 billion $252 million late Thursday from a sale of new shares, becoming the first Hong Kong-listed company to raise fresh capital through a placement in two weeks.

The sale was part of a financing package put together by BOC International to pay for an acquisition of three coking coal mines that was announced about a month ago and followed a similarly sized share placement to a strategic investor...

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