Africa-Press – Botswana. MMG Limited, a prominent Hong Kong-based company, has reached a significant development in its pursuit of acquiring Cuprous Capital Ltd, which owns Khoemacau Copper MINE.
MMG issued an update on November 21, 2023, outlining the details of the acquisition and its status as a major transaction under Chapter 14 of the Listing Rules.The completion of the acquisition is contingent upon meeting specific conditions, as disclosed in the announcement.
These conditions include approvals from regulatory bodies such as the Minister of Minerals and Energy, the Competition and Consumer Authority, and the State Administration for Market Regulation of the PRC.
In a recent announcement, MMG Limited expressed satisfaction as one of these critical conditions, the Ministry of Minerals and Energy Approval Condition, was fulfilled on December 22, 2023. This particular approval relates to the change in control of the Target Group due to the acquisition.
Despite this positive development MMG Limited emphasizes that the overall acquisition remains conditional and may or may not proceed to completion.
The announcement also serves as a clarification that the satisfaction of one condition does not guarantee the finalization of the entire agreement.
“Investors and shareholders are cautioned to exercise prudence when dealing with MMG Limited shares, considering the conditional nature of the acquisition,” the company has said in a statement.
The company’s Board highlights that the announcement should not be interpreted as a confirmation that the transactions outlined in the agreement will be concluded.
“MMG Limited continues to navigate the regulatory landscape and fulfill the necessary requirements for the successful acquisition of the entire issued share capital of Cuprous Capital Ltd. Further updates will be provided as the situation unfolds.”
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