Slaughter and May, Hong Kong, has advised on the dual primary listing and global offering of shares of Yancoal Australia Ltd (YANCOAL AUS) on the Main Board of the Hong Kong Stock Exchange, raising approximately US$151 million through the issue of new shares constituting approximately 4.52% of its enlarged issued share capital. Yancoal Australia Ltd is the first dual primary listed company on the Australian Securities Exchange and on the Hong Kong Stock Exchange. In connection with the global offering, an accelerated renounceable entitlement offer of shares to existing shareholders of Yancoal Australia Ltd is being undertaken in Australia. Slaughter and May advised the Joint Sponsors Morgan Stanley Asia Limited, CMB International Capital Limited and BOCI Asia Limited, as well as the Joint Global Coordinators, including Morgan Stanley Asia Limited, CMB International Capital Limited, BOCI Asia Limited and Citigroup Global Markets Asia Limited, as to Hong Kong and U.S. laws on the global offering.
Yancoal Australia Ltd is Australia’s largest pure-play coal producer based on aggregate coal reserves and marketable coal production and has been listed on the Australian Securities Exchange since 2012. Its principal business activity is the export-oriented production of thermal and metallurgical coal for use in the power generation and steel industries in Asian markets. Yancoal Australia Ltd currently has ownership interests in, and operates, five coal mine complexes across New South Wales and Queensland, and currently manages five other mines across New South Wales, Queensland and Western Australia.
Dealings in the shares of Yancoal Australia Ltd commenced on the Hong Kong Stock Exchange on 6 December 2018.