Sincap signs MoU to acquire Orion Energy

Singapore-listed Sincap Group Limited, which trades alumina and thermal coal, and is also involved in property development, has signed a memorandum of understanding to acquire Orion Energy Resources.

Orion too is a Singapore-incorporated company and is engaged in mineral trading and logistics management, and also supplies coal to power plants run by a state-owned company in China. Orion has direct access to major traders and mine owners in Indonesia and thus is able to secure a stable supply of coal to fulfill the long term needs of the power plants owned by a state-owned enterprise in China, Sincap said in a regulatory filing.

The transaction details have not been disclosed, and it may only be finalised after Sincap completes due diligence on Orion Sincap shares last closed at 6.9 cents.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.