Oracle shares spike on deal with Chinese partners

June 6, 2016

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Oracle Coalfields shares have spiked on news that it has signed a Shareholder Framework Agreement with a consortium of new and existing Chinese partners.

Under the agreement, the Chinese partners will take a 70% equity stake in Oracles subsidiaries in Pakistan.

Shares in the company ended the day on 3 June at £3.20 – their highest level since mid-2012 – before hitting £3.49 after trading opened on 6 June.

The UK-based company is developing an integrating lignite mine and power plant in the Thar desert of southeast Sindh Province in Pakistan.

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Category: Coal