Cakra gets another extension to lodge bidder?s statement: Cokal

By Ruli Setiawan

ASX-listed coking coal mining company Cokal Ltd said that the Australian stock market authority has granted another extension for IDX-listed mining firm PT Cakra Mineral Tbk to lodge its bidder's statement for another month.

Cakra has proposed off market takeover bid to acquire the entire shares of Cokal, which is developing a coking coal project in Central Kalimantan. The Indonesian firm was previously given until July 13 to file the bidder?s statement.

Cokal, however, said that Cakra could not complete certain information required due to religious and public holidays in Indonesia.

?Cakra has finalized its bidder?s statement with the exception of financial information about Cakra and the merged entity,? Cokal said in a statement Tuesday.

?As an entity listed on the Indonesian Stock Exchange, Cakra has prepared its financial reports in accordance with Indonesian accounting standards. Following consultation with ASIC and to comply with Australian regulatory requirements, Cakra?s bidder?s statement must include financial information for a 3 year period in a form which meets International or Australian Financial Reporting Standards (AIFRS) or can be reconciled to AIFRS,? it added.

?The preparation of that information has been delayed due to religious and public holidays in Indonesia from 16 July up to and including 21 July. Cakra has received an extension of time from ASIC in which to lodge its bidder's statement for a further month, so that the bidder?s statement is now due by no later than 13 August 2015,? Cokal said.

Cokal said that Cakra remains committed to making the offer and believes that its offer can be made as soon as the IFRS Financial Information is finalized.

?Cokal is disappointed with the delay and looks forward to receipt of the Cakra offers as soon as possible,? it said.

Editing by Reiner Simajuntak