Acquisition of Salins Limited (3886T)

TIDMTIL

RNS Number : 3886T

Tembusu Investments Limited

06 December 2011

6 December 2011

Tembusu Investments Limited ("Tembusu" or the "Company")

Acquisition of Salins Limited

The Board is pleased to announce that Nova Mongolia Corp Pte Ltd (a subsidiary of the Company) has acquired 100% of the issued share capital of Salins Limited, a company incorporated in the British Virgin Islands ("Salins") for the total sum of US$100,000.00 (the "Consideration") from Mr Mungunshagai Batsaikhan. The Consideration was arrived at through arms length negotiations.

Salins is an investment holding company and its only asset is the entire issued share capital of ZHCH Mining LLC ("ZHCH"). ZHCH is a company incorporated in Mongolia and have its registered address at 43-7, NUB, 6-r khoroo, Sukhbaatar district, Ulaanbaatar, Mongolia. ZHCH has already been granted all licences and permits necessary to carry out a business providing coal transportation and logistics services in Mongolia.

Neither Salins nor ZHCH has commenced any business in Mongolia or elsewhere yet and as such, never had any revenue.

Mr Batsaikhan was born in Ulaanbaatar, Mongolia on 26 November 1983. He received his Bachelor degree in Law in 2005 from the Ikh Zasag University of Mongolia and his Bachelor in Accounting from the National University of Mongolia in 2008. Mr. Batsaikhan has since then been running his own small consultancy boutique shop, specialized in the mining laws, particularly in the area of licensing of exploration and mining tenements and related state registration. He is not related to any director or substantial shareholder of the Company.

With this acquisition, and in line with the Company's new investment policy, the Company is legally able to, through ZHCH, enter into contracts to provide coal transportation and logistics services in Mongolia.

Various Appointments

The Company is pleased to announce various appointments :

(a) The Company has engaged Ms Fer-Ling Lee, age 40 years old, a Singapore citizen, as the Chief Financial Officer of the Company. The position is a non-Board position.

(b) Nova Mongolia Corp Pte Ltd has appointed Mr Chung Dongwook as a non-executive director.

 
For enquiries: 
 
Tembusu Investments Limited                             Tel: [phone] 
Chan Fook Meng, Chairman and Chief Executive Officer 
 
Allenby Capital Limited (Nominated Adviser and Broker)  Tel: [phone] 
Brian Stockbridge 
 Dan Robinson 
 James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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