HONG KONG, Jan 8 (Reuters) - Canada-listed coal miner SouthGobi Energy Resources (SGQ.TO) has secured Asia's top sovereign wealth funds, China Investment Corp (CIC) and Temasek, as cornerstone investors in its planned $400 million Hong Kong IPO this month, a source told Reuters on Friday.
China's CIC [CIC.UL] and Singapore's Temasek [TEM.UL] will each buy $50 million worth of shares, said the source, who has direct knowledge of the deal but declined to be named due to the sensitive nature of the matter.
The presence of the cornerstone investors, who buy shares before a public listing and promise to hold them until a later date, gives a high profile boost to the Mongolia-focused miner.
SouthGobi will kick off a marketing road show on Jan. 11, aiming to list on Jan. 29 under the symbol "1878" 1878.HK.
The expected cash infusion follows a $500 million investment from CIC announced in October, which SouthGobi plans to use to expand its Mongolia development. (Reporting by Joseph Chaney; Editing by Hans Peters)