EverChina ups stake in Manganese mine
Saturday, March 22 2014 - 03:08 AM WIB
Hong Kong-listed firm EverChina Int?l Holdings Company Limited reported on Friday that it has signed deal to increase stake in East Nusa Tenggara Manganese mining firm PT Satwa Lestari Permai (SLP) to 95% from 65%.
Under the deal, the company?s subsidiary Interchina Resources Holdings Limited will pay HK$318million to the BVI company vendor, which name is not disclosed.
Currently, InterChina has 65% stake in SLP through its subsidiary Universe Glory Limited.
The BVI company currently holds 17.5% shares in SLP but has options to increase stake to 30% through loan conversion.
SLP has right to mine manganese in Kupang regency and construction to develop the mine has been underway. The company did not give further detail.
Editing by Reiner Simanjuntak