"Stonehenge Metals Limited (Stonehenge, SHE or the Company) is pleased to advise that its JV partner in Korea, Korea Resources Investment & Development Inc. (KORID), has sold 20% of its holding in the Korean JV entity, Stonehenge Korea Ltd (SHK), to BHI Co Ltd (BHI).
BHI is a large engineering company listed on the Korea Stock Exchange (KOSDAQ) with turnover of ~$650 million in 2014. BHI has a strong focus on the Nuclear power industry and has partnered with leading companies including Daewoo Engineering and Construction, POSCO and Amec Foster Wheeler.
This investment by BHI provides further validation for the Stonehenge Korea JV (SHK) operation which owns 100% of the rights to three projects in South Korea, including the largest uranium resource in the country contained within the Daejon Project.
Following the completion of the transaction BHI holds 20% in SHK, with KORID retaining 30% and Stonehenge maintaining its current 50% holding in the JV. KORID and BHI have together agreed to be bound by the terms of the existing SHK shareholder agreement. In consideration for the sale of SHK shares to BHI, KORID will receive KWON 1 Billion (~A$1.15 million)."
SHE Price at posting:
4.1¢ Sentiment: Buy Disclosure: Held
