Yancoal Australia Limited (ASX:YAL) has responded to media speculation that the Foreign Investment Review Board has knocked back an application from Yanzhou Coal to waive conditions that it list 30 per cent of Yancoal by the end of the year.
The Independent Board Committee (IBC) of Yancoal says it is unaware of any decision by the review board in relation to any application that Yanzhou may have made.
The committee has reassured shareholders that the review board in not a decision making body but merely makes recommendations to the treasurer in relation to foreign investment proposals.
The IBC notes that it is also unaware of any such process taking place.
Yancoal reported a $749 million loss in fiscal 2013.
YAL Price at posting:
70.0¢ Sentiment: None Disclosure: Held
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