SINGAPORE (June 5): India's Param Mitra Coal Resources (PMCR) is listing on the Singapore Exchange (SGX) through the reverse takeover of C&G Environmental Protection Holdings.

C&G Environmental Protection in $400 mil RTO deal to transform into thermal coal miner

Under the RTO deal, PMCR will inject its assets, related to the coal mining, logistics and trading of thermal coal sourced from various coal mines in Indonesia, into C&G in exchange for $400 million worth of new C&G shares at $0.008182 each, based on C&G's current number of shares.

Shares in C&G last traded at $0.01 on May 29.

PMCR, part of India's Param Mitra Group, is primarily focused on the coal mining, logistics and trading of thermal coal sourced from various coal mines in Indonesia.

Param Mitra Group is a vertically-integrated coal energy group having operations in India, Australia, Indonesia and Myanmar

However, C&G will first undertake a 100-to-1 share consolidation before issuing the consideration shares. This means C&G will issue to PMCR about 488.88 million new shares at $0.08182 each.

C&G is currently a cash company, after having sold its entire stake in C&G Environmental Protection (Thailand) Company and C&G Environmental Protection International.

C&G Environmental Protection to dispose main business and subsidiaries

C&G said the proposed transaction would allow it to apply to the SGX for an extension of time and removal of its cash company status and provide it with an opportunity for the company to remain listed.