Sam's Seafood acquires coal concessions
Market watch top headlines
Australian reports
- Aust markets: Stocks end higher on jobs surge
- Aust dollar report: $A reaches four-month high on jobs data
- Aust credit close: Bonds mixed after Japanese auction
World reports
- World commodities: Crude oil prices fall
- World markets: Wall St lower on European debt fears
AAP
2009-11-23
Onetime seafood wholesaler Sam's Seafood Holdings Ltd has caught the eye of investors after branching out into coal mining.
The company, in the process of rebranding itself as a resources company, on Monday said it had acquired up to 16 new coal concessions and six manganese concessions in Indonesia.
The stock became the second highest traded stock by volume on Monday after the announcement was made.
Sam's Seafood Holdings is now only a remnant of the seafood company it once was, and is planning to change its name to Pan Asia Corporation Ltd.
"The seafood business was an historical business that had been in the company for a number of years and the previous board and owners and management have all pretty well departed," said new chief Alan Hopkins.
In 2005 Sam's Seafood was placed in administration but announced a new management team in 2007.
"Resources was the area where the new management had strong experience and could offer a lot," Mr Hopkins said.
Sam's Seafood Holdings finished up 0.6 cents, or 14.63 per cent, at 4.7 cents.
