Antam to shed Canadian subsidiary
Wednesday, October 29 2003 - 11:57 PM WIB
Toronto Stock Exchange Venture-listed junior mining firm International Antam Resources Ltd. (IAL) announced on Wednesday it had entered into agreement with its major shareholders PT.Aneka Tambang Tbk. (Antam), in which the former will transfer all its Indonesian mineral properties interest and other cash and liquids assets to Antam in exchange for all Antam?s shares in IAL.
The Transaction will be effected, in part, by the transfer to Antam of the IAL's Indonesian subsidiary, PT Antam Resourcindo (PTAR) through which the Company holds most of its Indonesian mineral property interests, together with the transfer of mineral properties held directly by IAL. These interests were originally acquired from Antam in 1997 in exchange for 81.9% interest in IAL.
In addition to the shares of PTAR, Antam will receive cash and other liquid assets, net of liabilities, of approximately $1.3 million.(alex)