Agritrade completes acquisition of shares in Rimau Indonesia
Friday, December 4 2015 - 10:40 AM WIB
Hong Kong-listed Agritrade Resources Limited (ARL) said it has completed the acquisition of an 8 percent shares in PT Rimau Indonesia, which controls a Central Kalimantan coal mining firm.
?100,000,000 Shares were allotted and issued to the vendor at the issue price pursuant to the terms and conditions of the agreement,? ARL said in a recent statement.
As has been previously announced, ARL?s wholly-owned subsidiary Tiger Courage Ltd and Agritrade International Pte Ltd (AIPL) entered into a sale and purchase agreement relating to the sale and purchase of 8 percent equity interest in PT Rimau Indonesia, a foreign investment company (PMA) established in Indonesia on October 1, 2004, which is principally engaged in trading of mineral resources in Indonesia and holds 95 percent equity interest in coal mining firm PT Senamas Energindo Mineral (SEM) at a consideration of HK$180 million. The consideration for the transaction is HK$180 million which shall be satisfied by the allotment and issue of 100 million shares to AIPL (or its nominee(s)) at the price of HK$1.80 per share upon completion.
SEM operates a coal mine in Tamiang Layang, Central Kalimantan.
Editing by Reiner Simanjuntak