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US$50mn to acquire direct interest in coal assets in Africa

JS Group, Stanhill Capital Partners, Africa Coal FundUS$50mn to acquire direct interest in coal assets in Africa.

JS Group, a Dubai based investment, banking and industrial holding group and Stanhill Capital Partners, a Hong Kong based merchant banking group are pleased to announce the African Coal Fund, managed jointly with Stanhill Capital Partners.

The fund has been committed and raised primarily from the JS Group, but with a minority interest from Stanhill. There are no external investors.

Ali Reza Siddiqui, Managing Director of the JS Group, said, “We have been interested in coal for some time, and we are already committed to a number of African ventures so a specialist fund makes sense as a way to acquire direct interest in coal resources.”

A spokesman for Stanhill Capital Partners said, “Our Hong Kong and Singapore office has built up a fair degree of coal expertise and we have looked at some joint opportunities in Africa with the JS Group. Since we do not possess the local access and knowledge that they possess, it makes sense to team up in this way.”

The fund expects to make its first investment as early as Q1 2012. The fund will be administered from Hong Kong.