ShalkiyaZinc N.V.
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Publicatie datum
20 jan 2012 - 14:41
Statutaire naam
ShalkiyaZinc N.V.
Titel
Press Release on interim results
Bericht
ShalkiyaZinc N.V. (LSE: SKZ) ( “ShalkiyaZinc”), the holding company of LLP ShalkiyaZinc Limited, one of Kazakhstan’s leading zinc and lead mining companies (together the “Group”), is pleased to announce the release of the Group’s interim report for the six months’ ending 30 June 2011, highlights of which are included below (“Interim Report").
Highlights of the Interim Report:
Operational and financial highlights:
• On 18 January 2011, SAT has formally completed acquisition of newly issued ordinary shares of ShalkiyaZinc N.V. for a total consideration of US $50 million. In addition, SAT has made a mandatory cash offer for minority shareholders pursuant to UK takeover code. As a result of mandatory cash offer SAT became a holder of 84.3% interest in the Company.
• On 30 June 2011 the Group has completed the restructure of the bank borrowing and repaid its debt to bank in full. As a result of restructuring the Group was granted with favourable terms. In particular, interest rate was decreased from 16% to 7.5% per annum, retrospectively.
• During first half year of 2011, the Group received a net income of US $4.9 mln, which mainly explained by the recognition of significant other income related to the restructure of the borrowings.
• Furthermore the SAT has accepted accounts payable of ShalkiyaZinc Ltd. to Atlas Copco Customer Finance AB in amount of US $3.64 million.
• During first half year of 2011, the Group recognized a net income in amount of US $4.9 million against the net loss of $4.3 million for the first half year of 2010.
• During first half year of 2011 total assets have increased by US $15 million and amounted to US $54.5 million. This is mainly due to completion of acquisition of newly issued ordinary shares of ShalkiyaZinc N.V. for a total consideration of US $50 million.
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