Chairman purchases BlackGold shares in show of confidence
Friday, August 18 2017 - 01:10 AM WIB
SGX-listed coal firm BlackGold Natural Resources Limited announced Thursday that Independent Non-Executive Chairman of the group, Intekhab Khan had on August 15 purchased a total of 180,000 ordinary shares of the company through Kaalasona Limited, a shareholder of the company, signaling strong confidence in the company.
BlackGold said in a statement that this purchase further increases his shareholding to 37,176,294 shares, accounting for approximately 3.99 percent of the group?s entire issued share capital.
?The recent developments on the planned 2 x 300 MW project with China Huadian Engineering, Co. Ltd. and the ongoing coal sales to Indonesia state-owned enterprises have been very encouraging. I am positive about the group?s future, even more so because of the threefold increase in Coal Reserve estimates at the PT Samantaka Batubara mining concession.? commented Khan in the statement. ?This substantial increase in Coal Reserves, as reported in the 2016 independent qualified person?s report, is further testament to the significant potential of the group.?
BlackGold, which operates coal concessions in Indonesia through Samantaka, is planning to develop a 2x300 MW coal-fired power plant (PLTU) in Riau Province, called the Riau 1 Project.
Editing by Reiner Simanjuntak