Prosperity Minerals has revealed it will take longer than originally planned to conclude the master restructuring process. The company, an iron ore trading business serving China, which also owns real estate, revealed back in October that it had signed an agreement with the Zhong Cheng group of companies.
A key part of the proposal is to utilise part of the prepayment cash to buy an iron ore processing plant in Malaysia (the Gebeng plant) from Zhong Cheng.
Completion of the agreement is subject to Prosperity concluding its due diligence on the plant, as well as getting the board's stamp of approval.
Prosperity said the process would be done and dusted by the end of the year but it now needs more time.
As a result, the parties have agreed to extend the date to February 28.
Source:
http://www.steelguru.com/metals_news/Prosperity_Minerals_needs_more_time_to_complete_restructuring/297062.html
