Singapore-listed services company Civmec Ltd. (P9D.SG) is in talks to acquire Australian mining services company Allmine Group Ltd. (AZG.AU), a person familiar with the matter said. This could thus lead to MAGNUS ENERGY(576.SG) valuation to be driven up higher. Since valuation is cheap, the company subsidary could be on the brink of a takeover target.
APAC Coal has a 30 Year Concession to explore for coal over a 23,124 ha parcel of land in East Kalimantan, Indonesia. A JORC compliant resource of 5.1 million tonnes has been identified which is expected to form the basis of an initial mining operation. This resource occurs within a very small area of the Concession(3.8%) with over 90% of the Concession yet to be explored to any significant degree. Kalimantan is the principal coal producing region of Indonesia, the world's 7th largest coal producer.
APAC Coal is a subsidiary of Singapore listed Magnus Energy Group, which operates in the upstream petroleum and cola business. Its core focus is petroleum, coal production, low-risk exploration and field development. Magnus has committed to providing a low cost Management and Finance Team in the initial phase of the development of APAC Coal Limited.
Monday, 3 December 2012
Incorporated in 1983, Magnus Energy Group Ltd. ("Magnus" or the "Company") was established as a sub-contractor undertaking electrical installations, with a track record of 20 years as a provider of quality and reliable mechanical and electrical engineering ("M&E") services. Following the challenging operating conditions & cyclical nature of the construction business, a strategic decision was made in year 2003 to shift its business focus. Since then, Magnus has taken significant strides in its transformation from an M&E Company to an energy-related company with businesses involving oil and gas equipment distribution in the Asia Pacific, and coal mining activities in Indonesia.
Magnus is positioning itself to be a leading regional producer of energy in addition to oil and gas equipment distribution in the Asia Pacific region. The Company continually and concurrently looks to diversify its energy business activities to broaden its earnings base and re-engineering itself to explore new opportunities globally.
The acquisition of Mid-Continent Equipment Group Pte Ltd. in 2004 marked Magnus' maiden venture into the oil and gas supply industry.
The acquisition of Mid-Continent Equipment Group Pte Ltd. in 2004 has enabled Magnus to establish business opportunities in the oil and gas equipment industry.
In July 2008, Magnus successfully listed its coal operations under APAC Coal Limited ("APAC"), on the Australian Stock Exchange. A subsidiary of Magnus, APAC is a coal exploration company and has 30 years concession rights to explore coal over 23,124ha of land in East Kalimantan, Indonesia.
Magnus aims to expand its existing capabilities and to remain primarily involved in energy-related projects and services.