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Yancoal makes $1.5bn debut, biggest Australian listing since 2010
By The Australian · June 28, 2012 · 12:48 am · Leave a Comment
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CHINESE-OWNED Yancoal Australia has joined the local share market, the largest public listing in 18 months.
Yancoal Australia completed a merger with Gloucester Coal earlier in June, and made its $1.52 billion debut on the Australian Securities Exchange today.
Yancoal’s parent company Yanzhou Coal – China’s fourth largest coal miner – controls 78 per cent of the new company.
Singapore-based commodities giant Noble holds 13 per cent through its former Gloucester holding, and Gloucester’s remaining shareholders hold nine per cent of Yancoal.
The company owns at least 11 operating thermal and coking coal mines, both underground and open cut, and mostly in New South Wales and Queensland.
Yancoal shares opened at $1.53 and were steady at that price in afternoon trading.
Its listing was the largest on the ASX since Westfield Retail Trust listed in December 2010, the ASX said.
