Adam Hajek to become largest shareholder of Jatenergy
Wednesday, July 23 2014 - 04:06 AM WIB
Adam Hajek, already a substantial shareholder at ASX-listed Jatenergy Ltd, is set to become the largest shareholder once loan he provided for the company is converted into shares.
Jatenergy said in a statement on Wednesday that its board of directors has agreed to convert the US$100,000 loan into shares in the company at 2 cents per share.
?Mr Hajek is pleased with the repayment of the loan through the conversion into Jatenergy shares. The shares will be issued today,? the statement said.
Jatenergy announced on May 28 it has negotiated for the $100,000 loan to finance the mobilization of excavators and trucks to the Jongkang coal mine in East Kalimantan.
The Jongkang I and Jongkang II projects are currently in production and produced around 35,000 tons over the past year. Located in East Kalimantan approximately 5 km along an existing haul road from the Mahakam River, and about 25 km from a major hub of Indonesia?s coal industry at Samarinda, each concession is covered by a production license comprising 100 hectares.
Editing by Reiner Simanjuntak