Thomas Quinn, chairman of International Coal Machine (1683.HK), said Jordan Company, the controlling shareholder holding 41% of the shares, is open to the sale of shares, depending on price, synergies and growth opportunities. UBS estimates that the stock sale can be carried out within 12-24 months. Potential buyers will be European and American equipment vendors, including Joy Global, Sandvik AB, and Zoomlion. As long as they are not financial institutions, they should be able to improve the valuation of coal machines; maintain the purchase rating, with a target of HK$9.65.

International Coal Machinery rose 2.99% yesterday to close at HK$6.21.