Energy Earth to acquire Belayan Abadi Prima Coal
Thursday, October 29 2015 - 04:59 AM WIB
Thailand?s Energy Earth Pcl, which is engaged in coal import and distribution, announced Wednesday it has decided to cancel an earlier plan to acquire Indonesian coal mining firm PT Hary Niaga.
The company said in a statement it has instead decided to acquire another Hary Group mining unit PT Belayan Abadi Prima Coal via share swap mechanism.
?The Board of Directors? Meeting has resolved to purchase common share of PT. Belayan Abadi Prima Coal (PT.BAPC) in the amount not exceeding 2,000 shares at the stamped value of 500,000 Rupiah per share (equivalent to Baht 1,376.90), which did not exceed 100 percent of total common shares, at the offering price of Baht 1,847,400 per share. The total offering price of PT.BAPC common shares is Baht 3,694,800,000 (from PT.BAPC shareholders) provided that the value of such tender offer will be calculated from the volume of coal reserves 40 million tons at the price US$3 per ton at the exchange rate Baht 30.79/US$,? Energy Earth said in a statement.
The company said it has negotiated with PT.BAPC?s shareholders to remain applying the exchange rate as agreed to purchase PT Hary Niaga coal mining which is lower than present exchange rate and benefit to the company.
Energy Earth said JORC report specifies that the coal mine of PT.BAPC possesses reserve volume of not exceeding to 76 million tons. It did not say where the mine is located.
Editing by Reiner Simanjuntak