Prosperity Minerals
Prosperity is an iron ore trader serving customers in the People's Republic of China (the 'PRC') and holds investments in entities involved in the manufacture and sale of cement and clinker in the same market.
Prosperity also has a real estate division and has recently entered into a number of conditional agreements designed to build up a portfolio of PRC property and development assets.
Related news
- Prosperity Minerals sees more domestic demand coming from China’s new 5 year plan
2010-11-30 - Prosperity Minerals performing in line with expectations
2010-10-08 - Prosperity Minerals completes acquisition of 25% stake in Liaoning Changqing Cement
2010-09-01 - Prosperity Minerals receives final payment from disposal of cement business
2010-08-21 - Prosperity Minerals to pay £70.1m for Guangzhou properties
2010-07-30 - Prosperity Minerals revenues hit US$849 million in FY09
2010-07-06 - Prosperity Mineral values Chinese cement business property interests at US$155 mln
2010-02-01 - Prosperity Minerals to retain US$15 million debt after £300 million disposal in China
2010-01-05 - Prosperity Minerals takes step closer to selling cement operations for HK$3,380 million
2009-12-21 - Prosperity Minerals confident for current year after full-year profits fall
2009-07-09 - Prosperity Minerals chairman/CEO Wong buys further 2 mln shares
2009-04-25
Company Statement
Prosperity was floated on AIM in May 2006 and raised GBP115 million.
On 30 April 2010, Prosperity successfully completed the sale of most of its cement operations, with the exception of its 33.06% interest in Anhui Chaodong Cement Co., Ltd, for HKD3,800 million (approximately GBP337 million) in cash.
Prosperity intends to use some of the proceeds from the sale in other attractive businesses in the PRC, including real estate. In line with this strategy, Prosperity signed a number of agreements designed to build up a portfolio of PRC property and development assets.
The PRC economy has been one of the best performing in terms of GDP growth over the last decade. Increased household income is creating a desire amongst ordinary Chinese citizens to improve their quality of life. The long term urbanisation plan of the PRC government is also bringing about an increased demand for high quality housing in cities. Prosperity believes there is a strong underlying demand in the PRC and excellent prospects in the medium to longer term.
Current Operations
Iron Ore Business
The Group’s iron ore trading business has sourced, marketed and
delivered iron ore to customers in the PRC since 1992. Management has
developed strong relationships with the steel manufacturers that
purchase most of its products.
In the financial year ended 31
March 2010 the Group’s iron ore trading business supplied 7.9 million
tonnes of iron ore to customers in the PRC and generated segment profit
of $10.3 million.
Prosperity sources its iron ore supply from
the traditional long distance suppliers in Brazil, Australia and South
Africa as well as shorter distance suppliers in Thailand, Malaysia and
Indonesia. (Read More)
Cement Operations (read more about these projects)
A - Anhui Chaodong Cement Company Limited
In June 2006, Prosperity entered into an agreement to acquire a 40 per cent interest in Anhui Chaodong Cement Co. Limited (“ACC”). ACC is a public company listed and traded on the Shanghai Stock Exchange of the PRC under the listing code: 600318.
The first new clinker production line of 2 million tonnes per annum designed saleable capacity was commissioned on 28 December 2008. Construction of the second new clinker production line of 2 million tonnes per annum was completed in September 2010 and is expected to be commissioned before the end of 2010.
Following the commissioning of the second
new clinker line, ACC will have a designed saleable capacity of 5.1
million tonnes of cement and clinker per annum.
B – Liaoning Changqing Cement Co. Limited ("Liaoning Changqing")
On 1 September 2010, Prosperity acquired a 25 per cent interest in Liaoning Changqing which is located near Shenyang, the capital city of Liaoning Province in northern China.
Liaoning Changqing completed 2 million tonnes per annum cement and clinker production facilities. The clinker production line commenced trial production 28 April 2010 and normal production in July 2010. The cement grinding facilities were commissioned in August 2010.
Liaoning Changqing currently has a designed saleable capacity of 2 million tonnes of cement and clinker per annum.
Real Estate Investment and Development
On 1 February 2010, Prosperity established a real estate investment and development division and hired a general manager with the relevant experience and expertise to run the new division. The division was formed to investigate possible real estate investment and development opportunities in the PRC.
On 1 June 2010, Prosperity announced that it had entered into a number of conditional agreements for the acquisition of property interests in the PRC. For more information on these projects, please see Prosperity's website.
Management
The Board
David Wong - Chairman and Chief Executive Officer
Patrick Siu Ming Li - Executive Director and the Chief Financial Officer
Johannes Petrus Mulder - Executive Director
For more information click here
Non-Executive Directors
John Campbell Robertson
Anthony John Williams
Sandy Chun-Kwan Chim
Michael Kim Hung Yuen
Yu Lin Zhao
Even Sheng
For more information click here
Major Shareholders
Major Shareholders
Prosperity
Minerals Holdings Limited is currently only trading on AIM although
other exchanges and platforms remain subject to review.
Number of shares in issue
| Number of shares in issue |
141,376,027 |
|
Number of shares not in public hands |
81,658,964 |
Major shareholders
| Prosperity International Holdings (H.K.) Limited |
73,000,000 |
51.64% |
David Wong, co-founder of the Group and Chairman and Chief Executive Officer of the Company, holds a 74.60 per cent interest in Prosperity International Holdings (H.K.) Limited and a 65 per cent interest in Prosperity Minerals Group Limited, Max Start Holdings Limited and Max Will Profits Limited, giving him an indirect interest in 74,166,168 ordinary shares of the Company. He also directly holds 6,875,495 ordinary shares of the Company. In total he holds a combined direct and indirect interest in 81,041,663 ordinary shares of the Company, representing a 57.32 per cent of the issued share capital.
Disclaimer
Prosperity Minerals Holdings Limited
is not incorporated in the UK and, as such, the rights of the
shareholders may be different from the rights of shareholders in a UK
incorporated company.
Contact Information
Prosperity Minerals Holdings Limited
[email protected]
Corporate Information
Nominated Adviser and Broker
Daniel Stewart & Company Plc
Becket House, 36 Old Jewry
London EC2R 8DD
United Kingdom
Public Relations
Citigate Dewe Rogerson
3 London Wall Buildings
London Wall
London EC2M 5SY
Tel: +44 (0)20 76389571
