Blumont to dispose Cokal shares
Tuesday, May 26 2015 - 01:18 AM WIB
Blumont Group Ltd., an investment holding company based in Singapore, said on Monday that it intends to dispose of its 60,057,034 shares in ASX-listed coking coal producer Cokal Limited.
The Cokal shares constitute the company?s entire shareholding in Cokal and represent approximately 12.74 percent of Cokal?s total issued share capital as at the date of this announcement, Blumont said in a statement.
The Cokal shares were issued and allotted by Cokal to the company in five tranches, the last of which was completed on November 20, 2013, it added. The company acquired the Cokal shares at A$0.16 each, for an aggregate consideration of approximately A$9.61 million (approximately S$11.35 million).
Blumont said the proposed share disposal will take place by way of either (i) open market sales on the Australian Securities Exchange (ASX) or (ii) acceptance of the all-cash consideration offer under the proposed Cokal takeover.
IDX-listed mining company PT Cakra Mineral Tbk has announced intention to acquire all of the shares in Cokal.
The principal activity of Cokal is coal exploration. It has interests in coal exploration tenements predominantly in Indonesia and also has a joint venture agreement with Tanzoz Resources Co Ltd to explore for coal in Tanzania and a cooperation agreement in Mozambique with the Mozambique Government Mining Corporation, ENEM, to explore for coking coal in the emerging coal province of Mozambique. A list of its key exploration and production projects is set out in the table below:
| Project | Interest of Cokal (%) | Area (Hectares) | Location |
| Bumi Barito Mineral (BBM) Project | 60.0 | 14,980 | Central Kalimantan |
| Borneo Bara Prima (BBP) Project | 60.0 | 13,050 | |
| Tambang Benua Alam Raya (?TBAR?) Project | 75.0? | 18,850 | |
| ? Cokal has entered into an agreement to acquire 75% of the shares in the company PT Tambang Benua Alam Raya which owns the TBAR exploration licence. | |||
Editing by Reiner Simanjuntak