Agritrade sets up China coal division

By Romel S. Gurky

Hong Kong-listed Agritrade Resources Ltd said that it has set up a coal division in China to tap into the strong market potential of the world?s giant coal market.

The China Division of the company was set up on April 22, 2015, with the objective to explore any potential China projects with promising prospects (including but not limited to projects related to China national policies and/or China natural resources) which can bring immediate contribution to the group as well as to cope with the current national policies of China, Agritrade said in a statement last week.

As at the date of this announcement, the China Division comprises, among other members, two executive directors, namely Ng Xinwei and Wong Man Hung Patrick. The latter is responsible for the leadership of the China Division.

Agritrade said as the China market is one of the biggest potential markets in the world, the directors believe that the set-up of the China Division is the first step to explore and move forward to the China market and is in the interests of the company and its shareholders as a whole.

Agritrade Resources is the owner and operator of PT Senamas Energindo Mineral (SEM), a 2,000-hectare coal mine in Central Kalimantan and one of the few Indonesian coal mining companies listed on the Hong Kong Stock Exchange.

The company produces its own brand of SEM coal, a sub-bituminous, low-sulphur, low-pollutant thermal coal with calorific value (as received basis) of 3,800 kcal/kg in its raw form.

Editing by Reiner Simanjuntak