LONDON, Aug. 8, 2024 /PRNewswire/ — Chaarat Gold is due to be delisted from AIM as a group of the Company’s lenders, advised by Goldman Sachs, seek to seize control of its equity, in order to sell off its assets – wiping out minority shareholders.
The Company’s board has already forced out Chief Executive and major shareholder Martin Andersson and looks set to agree to the lenders proposals at a General Meeting in London at 11am today.
China Railways, one of the world’s largest companies, has lodged a counter proposal with Chaarat’s board – seeking to refinance the Company and keep it on AIM.
Through its China Overseas Engineering Group (COVEC) subsidiary, China Railways is proposing to invest 42 million USD, comprising 20 million USD for a 35% equity stake and a 23 million USD loan to refinance existing borrowing, at lower rates.
In addition, COVEC made an offer in July to provide project financing to complete the construction of Chaarat’s Tulkubash mine in Kyrgyzstan
Sources close to COVEC: “The existing proposal by the lenders has treats the company like an enemy and is an outrageous attempt to seize control of Chaarat – totally disproportionate to their financial interest.”
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