History
Prosperity Group was founded by David Wong (Chairman & CEO) in 1980, trading raw and building materials. The Group began specialising in the trading of cement and iron ore in 1991.
2006
Company IPO on AIM in May 2006 raising £115 million, using part of the proceeds to acquire 100% interest in YDM and invest in a 25% interest in PCC.
Successfully diversified the Company’s source of iron ore, sourcing from Thailand in addition to Brazil, Australia and South Africa and achieving a total year tonnage of 3.2 million tonnes for fiscal 2006/7.
Signed an S&P Agreement to acquire a controlling interest in Anhui Chaodong Cement Company Limited (“ACC”), a company listed on the Shanghai Stock Exchange.
2007
Obtained all the regulatory approvals and acquired a 40% interest in ACC in June 2007. Following a share reform in July 2007, Prosperity has a 33.06% controlling interest in ACC. Prosperity then had a gross tonnage (including the equity interests of partners) of 16.6 million tonnes pa with a 4 million tonnes pa expansion plan at ACC that would bring it up to more than 20 million tonnes by the end of 2011.
Prosperity's iron ore trading business shipped 3.6 million tonnes of iron ore in fiscal 2007/8.
2008
Announced 2 acquisitions of existing cement manufacturing plants and 2 investments in greenfield projects that would increase the Company's gross saleable cement production capacity (including the equity interests of partners) to 31 million tonnes by the end of 2011.
On 9 May 2008 Prosperity issued US$100 million Notes with accompanying Warrants to help to finance the four expansion projects mentioned above.
On 19 April 2008 the Company signed a Memorandum of Understanding with the local government to invest in a greenfield project in Chongqing Municipal City that would bring the gross capacity (including the equity interests of partners) to 33 million tonnes by the end of 2011.
In August 2008, construction commensed on the first 2 million tonnes / year clinker production line at the Liaoning Project.
On 28 December 2008, the new 2 million tonnes / year clinker production line at ACC was successfully commissioned and has subsequently been running smoothly.
Prosperity's iron ore trading business shipped 4.4 million tonnes of iron ore in fiscal 2008/9.
2009
In May 2009, construction commenced on the first 2 million tonnes / year clinker production line at the Chongqing Project.
In July 2009, Prosperity increased its investment in the Liaoning Project to a 75 per cent interest, up from 55 per cent interest.
On 21 December 2009, Prosperity announced that it had entered into a conditional sale and purchase agreement with TCC International Holdings Limited in relation to the sale of all Prosperity's cement assets, wit the exception of its 33.06% interest in ACC, for a consideration of HK$3,800 million (approximately GBP337 million) payable in cash.
Prosperity's iron ore trading business shipped 7.9 million tonnes of iron ore in fiscal 2009/10.
2010
On 30 April 2010, Prosperity and TCC International Holdings Limited completed the sale and purchase agreement for the sale of Prosperity's cement assets, with the exception of its 33.06% interest in ACC, for a consideration of HK$3,800 million in cash.
On 31 May 2010, Prosperity entered into an iron ore Master Off-take Agreement with Grace Wise Pte Limited.
Also on 31 May, the Group entered into a joint venture agreement to develop a combined recreation, commercial and residential project in Changzhou City, Fujian Province, in south eastern PRC.
On 16 August 2010, Prosperity completed the purchase of Bliss Hero Investment Group Limited, which holds interests in an existing commercial building and a new commercial and residential development, both located in downtown Guangzhou City, Guangdong Province, southern PRC.
On 1 September 2010, the Group completed the purchase of a 25% interest in Liaoning Changqing Cement Co. Limited, a cement manufacturer in Liaoning Province, northern PRC.
On 29 December 2010, Prosperity completed the acquisition of an effective 35% interest in a joint venture company that is engaged in the exploration and production of iron ore in Brazil.
2011
On 28 January 2011, entered into an iron ore off-take agreement with Blackrock Metals Inc., a mining company which specialises in minerals such as iron, vanadium and titanium in Canada.
On 28 February 2011, acquired the rights for use of land on a site in Hangzhou City, Zhejiang Province, PRC.
On 14 March 2011, entered into an iron ore off-take agreement with Century Iron Ore Holdings Inc., a resource development company which specialises in iron ore in Canada.
On 10 May 2011, entered into an iron ore off-take agreement with Grace Wise Pte Limited and Nanjing Iron and Steel Group International Trade Co., Limited in which Prosperity agrees to act as an agent for iron ore shipped under the agreement.
On 27 July 2011, the Company exercised its option under the iron ore off-take agreement with Blackrock Metals Inc. to pay a further deposit to secure a total of 4 million tonnes of iron ore over a 4 year period, up from 800,000 tonnes.
On 2 August 2011, following a share issuance, Prosperity's interest in Lianing Changqing was diluted to 16.11%. At the same time, the name of Liaoning Changqing was changed to TCC Liaoyang Cement Company Limited.
On 15 November 2011, the Company entered into an iron ore off-take agreement with Jiangsu Prosperity Steel Co., Limited.l
On 25 December 2011, presales of the first phase of residential units commenced at Oriental Landmark, formerly referred to as Dongfang Wende Plaza, in Guangzhou City, Guangdong Province, PRC.