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Stock Report
Gujarat NRE begins new innings at the Australian Stock Exchange
Posted On : 2006-11-30 19:20:16( TIMEZONE : IST )
Gujarat NRE Coke Ltd has announced that Zelos Resources NL (ZCO), a Ltd Company listed in the Australian Stock Exchange is now officially, "Gujarat NRE Resources NL" (GUJ). Last week, the shareholders of Zelos passed the resolution giving effect to the Company taking a controlling (85%) stake in the company, which is now being renamed.
The move will make the Gujarat NRE group only the second from India to have a listed presence in the Australian Stock Exchange and will thus accord all the attending benefits that accrue to such listing. The takeover came through when the Company sold its Avondale Coal Mine in the Southern Coalfields of NSW, Australia to Zelos for 170 million shares in Zelos and 130 million options of 20 cents. These shares constitute about 85% of the equity of Zelos making the Company not only the controlling, but also the largest stakeholder in the company, which has now been renamed.
It will be pertinent to note here that GUJ is a resource prospecting company with many licenses to prospect for a cornucopia of metals and minerals that include iron ore, gold, copper and coal in the Tasmanian region of Australia.
The listing of GUJ in the Australian Stock Exchange (ASX) will go to further strengthen the position and stature of the Gujarat NRE Group in Australia. The Company, the largest manufacturer of Low Ash Metallurgical Coke in the non-captive sector in India, was the first Indian company to own and acquire a coalmine in Australia. Since then, the group’s association with Australia has grown from strength to strength and today boasts of a number of strategic / cornerstone investment in a wide array of related areas.
The group has also recently acquired two virgin blocks in the Canning Basin in Western Australia for petroleum prospecting apart from investing prospecting entities like Rey Resources, Resource Pacific, Pluton Resources apart from investment in the Pike River Coal Company in New Zealand.
