Date
18 October 2017

Goldleaf Jewelry to raise funds for oil foray, paper says

Goldleaf Jewelry Co. Ltd. (000587.CN) is planning a 5.7 billion yuan (US$939.59 million) private placement of A shares to raise funds for a foray into the oil business, China Securities Journal reported Sunday. The Chinese jewelry retailer is seeking to buy 95 percent of United States oil and gas operator ERG Resources LLC for US$665 million. As of June 30 last year, ERG had assets worth US$514 million. It booked a net loss of US$3.53 million in the first six months of 2013, the report said.

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