Cakra granted extension to send bidder?s statement
Tuesday, June 30 2015 - 03:25 AM WIB
ASX-listed Cokal Limited announced Tuesday that IDX-listed mining company PT Cakra Minerals Tbk has been granted an extension to July 13, 2015 for offers to be made under its off market conditional takeover bid for the former company.
The extension was as a result of delays in preparing the registration statement with the Indonesian Financial Services Authority, a required step for a US$100 million rights issue to be undertaken by Cakra, said Cokal, which operates a nearly 15,000-ha coking coal mine in Central Kalimantan, in a statement.
The bid is conditional upon, amongst other things, Cakra obtaining all required regulatory approvals in Indonesia, including with respect to the rights issue.
Cakra has said that, notwithstanding the extension, it is fully committed to completing the bid in as timely a manner as possible.
Editing by Reiner Simanjuntak