January 21 (Cover Mongolia) Lippo Group, through its subsidiary Golden Rain Holdings, has substantially increased its stake to 33.58% in Haranga Resources (ASX:HAR) following a non-renounceable rights issue, underwritten by Golden Rain. Lippo had a 19.99% stake following a private placement which increased its stake from 13.43% to 19.99% on December 8, 2014.
ASX rules state if a shareholder reaches 20% in a listed stock, it is obligated to lodge a formal takeover bid. As the means to cross the 20% mark was an underwriting agreement, it is yet unknown if Lippo intends to, or will be forced to do so by Australian Securities & Investment Commission (ASIC).
HAR was last trading at A$0.013, on Friday.