Altura suspends S?pore listing plan amid coal drop
Friday, January 29 2016 - 02:34 AM WIB
ASX-listed Altura Mining Ltd said Friday it has decided to put on hold a planned listing of its Indonesian mining assets on the Singapore Stock Exchange due to the current weak coal industry.
?Subsequent to the end of the (December) quarter, it was agreed between the shareholder group and its Issue Manager and Underwriter that the listing process be temporarily put on hold,? Altura said in a statement.
?This decision was based on the challenging commodity market and investor interest in the coal sector. If the market does improve then the substantial work completed to date will allow for a fast tracking of the listing,? it added.
Altura announced in January of last year that it would consolidate all of its Indonesian coal assets into a new separate coal-focused entity, Merida Corporation Pte Ltd, which is proposed to be listed on the Singapore Stock Exchange.
The company?s assets comprise:
(a) a 33⅓% interest in the Delta coal mine in East Kalimantan, Indonesia; and
(b) a 70% interest in three Mining Permits (?SPK?, ?SCC? and ?SP?) and a 56% interest in two Mining Licences (?KM? and ?MBM?) that form the Tabalong coal project in South Kalimantan.
Elsewhere, Altura said in the statement that the shareholder group will consider various options which may include private equity participation in order to develop the assets or alternatively a process to dispose of the Indonesian coal assets.
Editing by Reiner Simajuntak