Cakra Mineral to acquire mineral commodities trading firm
Tuesday, December 17 2013 - 02:31 AM WIB
IDX-listed PT Cakra Mineral Tbk plans to acquire 100 percent shares in Dunestone Development SA, which is engaged in the trading of mineral commodities in Indonesia, from Saudi Arabian businessmen Rami Sadek Kuwatly.
This was said by the company in a recent filing with the Indonesia Stock Exchange (IDX).
The company plans to acquire Dunestone for Rp 579 billion. It will use the proceeds from the sale of its plantation subsidiary PT Horizon Agri Industry to PT Rajawali Agro for Rp 749 billion.
Cakra Mineral was formerly known as PT Citra Kebun Raya Agri Tbk, which changed its name in April 2013 in line with the decision to change its core business into mining. The company is currently engaged in iron ore mining activities in South Solok, West Sumatra.
Editing by Reiner Simanjuntak