Adaro's subsidiary signs share purchase deal
Tuesday, April 30 2013 - 10:45 AM WIB
IDX-listed Adaro Energy reported on Monday that its wholly owned subsidiary, PT Alam Tri Abadi (ATA) has signed a share purchase agreement to acquire 75% of the three companies that form Balangan coal project namely PT Paramitha Cipta Sarana (PCS), PT Semesta Centramas (SCM), and PT Laskar Semesta Alam (LSA) from PT Terminal Batubara Indah, PT Industri Terminal Batubara and PT Harapan Insani Millenia.
Adaro in its quarterly report said that the acquisition is worth Rp3.9billion (US$405,311). The remaining 25% belongs to local businessmen.
The Balangan coal project, located 11 km southeast of Adaro Indonesia?s concession in Balangan regency, South Kalimantan, covers an area of 7,500 ha.
Both PCS and SCM have operation and production license s for 20 years granted in 2009, while LSA has exploration licenses granted in 2008
Editing by Adianto P. Simamora