December 02, 2008

Ming Kei ink MoU to buy Upper Rich Resources Limited

It is reported that Ming Kei Energy has signed a memorandum of understanding for possible acquisition of Upper Rich Resources Limited.

As per report a refundable deposit of USD 21.5 million has been paid by Ming Kei Energy to the vendors.

Upon completion of reorganization, Upper Rich will own interest in a company which is engaged in coal mining and sales of coal, which has been granted a mining exploitation permit issued by the Department of Land and Resources of Guizhou Province.

Ming Kei Energy considers the possible acquisition as a good opportunity to further strength its business in the coal mining industry in the PRC.