GEMS to conduct limited review on Q2 financial report
Monday, July 30 2012 - 08:21 AM WIB
IDX-listed coal miner PT Golden Energy Mines Tbk (GEMS) said that the company would conduct limited review on the company?s second quarter financial report ended on June 30.
In its letter to the IDX, the company said that the limited review was made due to the demand from PT Dian Swastatika Sentosa Tbk (DSS), a majority shareholder of PT GEMS following the plan by Singapore-based United Fiber System Limited to acquire some 96.9 shares of GEMS.
GEMS would report result of its limited review to the IDX on August 31 at the latest.
UFS earlier said that it would acquire about 67 percent of issued share capital of GEMS from DSS and 30 percent of share of GEMS from GMR Coal Resources Pte. Ltd. The purchase consideration for the DSS sale shares and the GMR sale shares are S$1.5 billion and S$693 million respectively.
The UFS and DSS reached heads of agreement (HoA) on the acquisition plan early this year.
Editing by Adianto P. Simamora