STXNEWS LATAM-Batista maintains plan to delist coal company CCX

Mon Feb 25, 2013 7:38am EST

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Brazilian billionaire Eike Batista is going ahead with plans to delist coal mining company CCX by buying back outstanding shares at a maximum price of 4.31 reais each, according to a filing on Monday.

The company, whose operations are focused on Colombia, said an appraisal report valued its shares below that price, however, at between 3.83 and 4.24 reais. The stock, which went public in May 2012, closed at 3.65 reais on Friday and has recently been trading below 3.7 reais.