Online auctioneer ableauctions.com has bought SinoCoking, a coal and coke producer based in the Henan Province in the People's Republic of China, in a deal which will see the current Ableauctions board step down.
SinoCoking, which began producing metallurgical coke in 2002, currently holds mining rights for approximately 2.5 million tons of coal from mines located in central China.
Under the terms of the deal, ableauctions.com CEO Abdul Ladhia will step down from his role to be succeeded by Sinocoke founder and President, Mr. Jianhua Lv. In addition, the current board of directors of Ableauctions will step down to be succeeded by seven new directors designated by SinoCoking.
SinoCoking produced and sold 154,631 tons of coke, 55,360 tons of washed coal, and 72,923 tons of raw coal during the year ending June 30, 2009 generating $51 million in revenue from sales. During its 2009 fiscal year, SinoCoking had audited net income of approximately $17 million on a GAAP basis.
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