22 February 2019

Hubei Energy to invest in Shaanxi Coal IPO, filing says

Hubei Energy Group (000883.CN) plans to subscribe up to 670 million yuan (US$109.8 million) worth of new shares in the initial public offering (IPO) of Shaanxi Coal Industry Co. Ltd., becoming a strategic investor of the coal producer, the company said in a regulatory filing late Wednesday. The deal will help Hubei Energy expand into the upstream industry and gain better control of the coal costs. Shaanxi Coal has set the price for its 1 billion share offer at 4 yuan per share.

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