eForce delays further Kalimantan coal mine acquisition

Hong Kong-listed firm eForce Holdings announced Thursday that it had further delayed the despatch of circular in relation to the acquisition of coal mine in Kalimantan for a total consideration of HK$500 million.

eForce told the Hong Kong Stock Exchange that the circular would now be despatched to shareholders no later than June 24, 2011, as against the initial plan of May 26.

On Feb. 11, 2011, eForce Holdings Limited entered into the agreement to acquire the sale shares and loans in a company which controls coal concession in Kalimantan.

The sale shares represent the entire issued share capital of the target company, which holds licenses in respect of the PT Bara Mine through PT Bara, its indirect subsidiary.



The consideration payable under the agreement is HK$500 million and shall be satisfied by the purchaser at completion by the issue by the company of the series A convertible bonds with a face value of HK$200 million and the series B convertible bonds with a face value of HK$300 million. (romel)