Bestway buys Mongolia miners for HK$7b

Bestway International Holdings has agreed to buy two resource prospectors in Mongolia for HK$6.98 billion. The plastic maker will buy one with rights to a polymetallic mine covering 4.88 square kilometres for HK$1.28 billion and another with rights to a coal mine with an area of not less than 200 square kilometres for HK$5.7 billion. It will settle most of the deal by issuing bonds to a firm held by Wu Senqiang, who will gain control of Bestway by swapping the bonds into shares. The company will also sell a plastic making and trading unit for HK$78.8 million.