Chinese company CREC Resources yesterday announced it had received Foreign Investment Review Board (FIRB) approval for its proportional takeover of RMA Energy.
CREC has also has received Chinese regulatory approval for this transaction.
The Chinese company announced the proportional takeover offer of 6.5 cents per share for four out of every five RMA shares on 10 August.
The RMA board unanimously recommended shareholders accept the offer in the company’s target statement, issued in late-September
As of Wednesday, CREC and its associates had acquired 49.17% of the RMA shares on offer.
The bid closes 13 November.