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Wednesday, July 18th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Bayin Nonferrous Metal Group to Acquire Gold One International

Pending an announcement of a massive change of control deal by Australian and African Gold One International, experts say the company could be valued at more than AUS$420 million or R3 billion (US$450 million).

The company has requested a trading halt on the South African JSE and the Australian Stock Exchange (ASX) on Friday, pending the announcement of the deal, which is expected on Monday next week.

The announcement is expected to outline an offer for Gold One International by a consortium of Chinese investors, led by Baiyin Nonferrous Metal Group.

Chinese investors has already acquired a 17.7% stake in the company, after investing AUS$75.6 million (R545 million, US$80 million) in cash last month. This translates into AUS$0.53 or R3.82 per share.

Gold One CEO Neal Froneman told BusinessLIVE at the time of the initial stake that the deal “could be their first step.” The company also said it was assessing “a potential change of control transaction for the company.”

The Australian Financial Review reports that the starting price for current negotiations was the same as that paid in the initial deal, at AUS$0.53 per share. This would place a value of AUS$420 million (R3.1 billion) on the company, compared to its market value of AUS$347 million on the ASX, and R2.7 billion on the JSE.

Froneman was not available to comment on Friday. The Gold One Johannesburg office confirmed he is currently returning from China.


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