Eatertainment changes name to Golden Eagle
Thursday, September 6 2012 - 01:41 AM WIB
IDX listed restaurant and entertainment company PT Eatertainment International Tbk officially announced the change of its name to become PT Golden Eagle Energy Tbk as the company shifted main business into coal-related sector.
The company in its statement to the IDX said that the Law and Human Rights Ministry approved the change of company?s name on June 18, 2012.
The company earlier said that divestment process on Eatertainment?s restaurant and entertainment business was under way and was expected to be completed this month.
Once the divestment process is completed, the company would expand to coal-related business including coal mining, coal trading, heavy equipment rental and supporting business such as hauling road and port management.
The company also reported that it has recently completed acquisitions of 99.64 percent stake in PT Rajawali Resources and 99.12 percent shares in PT Nagamas Makmur Jaya (NMJ).
With the acquisition, Eatertainment will indirectly hold 85 percent shares in PT Triaryani and 39 percent in PT Internasional Prime Coal (IPC).
NMJ indirectly owns 39 percent stake in IPC, the owner of a coal concession in East Kalimantan which has been in production since 2010. IPC is a joint venture between Rajawali Group and PT Bukit Asam Tbk with a 49:51 ownership composition.
PT Triaryani, a holder of a coal mining concession in South Sumatra with reserves of 242 million tons is expected to commence production next year.
Editing by Adianto P. Simamora