Dian Swastatika asks to extend deadline for share swap
Monday, February 3 2014 - 07:56 AM WIB
IDX-listed coal mining firm PT Dian Swastatika Sentosa Tbk (DSS), a subsidiary of conglomerate Sinar Mas Group, announced on Monday it had asked for an extension of the Long Stop Date to fulfill the pre-conditions for share swap agreement with United Fiber System Limited (UFS).
DSS said under the agreement signed on July 11, 2013, DSS and UFS set the Long Stop Date on Jan. 31, 2014, meaning DSS must fulfill all the pre-conditions for the share swap agreement by the specified date.
DSS is thus far still unable to fulfill the pre-conditions.
?Thereby, in line with terms within the share purchase agreement (SPA), the company and UFS are holding talks in a goodwill over the possibility to extend the Long Stop Date,? the firm said in a statement filed with the Indonesian Stock Exchange.
UFS is an SGX-listed forestry firm.
The PPA signed in July last year makes DSSA owns 94.0686% of UFS? share and DSSA will transfer 66.9998% of its shares in Golden Energy Mines (GEM), DSSA?s coal mining company.
UFS sold 44.28 billion shares at S$0.035 apiece, while GEM sold its 3.94 billion shares at a premium price of Rp 2,750 a share.
Through the agreement, DSS will backdoor list its shares on the Singapore Stock Exchange.
Editing by Johannes Simbolon