Posts Tagged ‘ASF Group’

ASX Company News: ASF Group Acquires Interest In Balmoral Capital

Thursday, September 30th, 2010

ASF Group Limited (AFA) is very pleased to announce that it has acquired a 75% shareholding interest in Balmoral Capital Pty Limited.  Balmoral is a successful Sydney based investment banking firm which was established in 1996 operating under an Australian Financial Services licence.

Balmoral has been renamed ASF Balmoral Pty Limited and is expanding its investment banking activities to include Funds Management, initially by representing specialist Asian investment funds which have an emphasis on China, to institutional and sophisticated investors in Australia. Additional Funds Management expertise and management have been brought into ASF Balmoral to head up this expansion.

ASF Balmoral will also assist Australian companies to access capital from China and advise selected Chinese businesses on their proposals to list on the ASX. This acquisition of ASF Balmoral complements the existing business activities of the ASF Group, which are focused on two-way business flows between China and Australia. These activities now include financial services as well as previous business activities in mineral resources, travel, property and trading.

www.asfgroupltd.com

http://www.traderdealer.com.au/Fundamentals/AFA

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ASF Group Sells Coal To Chinas Fujian Materials

Friday, January 22nd, 2010

Further to the Company’s announcement on 16 September 2009 concerning its strategic co-operation with Fujian Materials (Group) Co., Ltd, a Fujian state-owned enterprise, the Company is pleased to announce that, through its wholly-owned subsidiary ASF Energy Pty Limited, it has entered into a Coal Sales Agreement with FMGC for the immediate sale and export of coal to China. FMGC intends to import 2 million tonnes of coal annually from Australia, steadily increasing this to 10 million tonnes per annum and has agreed to purchase coal exclusively from ASF Group sourced from the Australian energy and resources sectors. Under the Coal Sales Agreement, ASF Energy will supply coal product to FMGC procured under a supply agreement of product initially sourced from coal fines deposits at coalfields on the south coast of New South Wales.   ASF Energy is also seeking other supply sources of Australian east coast coal which could either be contracted for supply or acquired to assist ASF to expand its coal supply and export business.

FMGC has already raised a Letter of Credit in ASF Energy’s favour in respect of the first shipment, comprising approximately 45,000 tonnes of coal which is expected to depart Port Kembla by February, 2010. Subject to the successful completion and delivery of this shipment, ASF Energy intends to make regular monthly 45,000-tonne coal export shipments to FMGC, thereby creating a significant source of recurring cash flow for ASF.

Chairman of ASF Group, Ms Min Yang, said “the Company is encouraged by the exclusive working relationship with Fujian Materials that this sale transaction represents and looks forward to developing a profitable business in the export of coal from Australia to China.”

www.asfgroupltd.com

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ASF Group Coal Joint Venture Agreement With China Huaneng Group

Tuesday, September 22nd, 2009

ASF Group Limited (AFA) is pleased to announce that it has entered into a Memorandum of Co-operation with China Huaneng Group Hong Kong Ltd, a Hong Kong company which has as its ultimate parent China Huaneng Group Ltd, Beijing, China. China Huaneng Group is one of China’s largest electricity generating companies and a Fortune 500 company. It has followed up with other offshore acquisitions and is seeking stakes in Australian thermal coal projects. China Huaneng Group plans to expand its Australian business activities and in this regard intends to work in conjunction with ASF Group in the energy and resources industry in Australia. The Memorandum with Huaneng HK states that the parties will develop a long term co-operative relationship in Australia. The companies will form a team to jointly investigate the coal tenements held by ASF Group in Western Australia and study the feasibility of joint development. ASF Group will seek to provide other coal resources in Australia to assess in co-operation with Huaneng HK.

Chairman of ASF Group, Ms Min Yang, said “the Company is very excited to be taking this important step with China Huaneng Group and looks forward to developing a rewarding relationship with them over time, to the mutual benefit of both Groups and Australia.”

www.asfgroupltd.com

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