Federal sells land rig
Thursday, September 10 2009 - 02:29 PM WIB
Singapore Exchange-listed firm Federal International (2000) Ltd said on Thursday that its wholly-owned subsidiary, Alton International (S) Pte Ltd , has entered into a Sale and Purchase Agreement with an undisclosed individual to sell its entire 65% interest in shareholdings in Geo Link Nusantara Pte Ltd (GLN) and its land rig.
The land rig was chartered to the strategic partner of GLN, PT Geo Link Nusantara, which was awarded an integrated project management contract for a drilling and exploration project in an oil and gas field block in West Jawa.
Under the terms of the S&P Agreement, the amount payable by the Buyer to the company shall be US$45 million which consist of payment for the land rig, sales share of GLN and for repayments of loans extended by the Group to GLN.(alex)