Cita acquires seven mining firms
Monday, October 27 2014 - 12:53 AM WIB
IDX-listed bauxite mining company PT Cita Mineral Investindo Tbk through two subsidiaries PT Harita Prima Abadi Mineral (HPAM) and PT Karya Utama Tambangjaya (KUTJ) has acquired 99.99 percent stake in seven mining companies each worth Rp 249 million.
The company said in a filing with the Indonesia Stock Exchange on Friday that HPAM acquired two mining firms namely PT Gunajaya Kalimantan Mineral and PT Megah Putra Jaya Tambang.
Meanwhile, KUTJ acquired five mining firms including PT Sandai Kemakmuran Utama, PT Sandai Persada Tambang, PT Sandai Putra Kalimantan, PT Duta Kemakmuran Jayaraya, and PT Kemakmuran Surya Inti Perkasa.
Citi said that the acquisition, concluded on October 22, was categorized as affiliated transaction because the seven mining firms were owned by shareholders of HPAM and KUTJ.
Editing by Reiner Simanjuntak