Geo Energy proposes acquisition of interest Surya Tambang
Monday, April 15 2013 - 04:09 AM WIB
SGX-listed firm Geo Energy Resources Limited reported on Monday that the company has entered into a conditional sale and purchase agreement for the acquisition of 97.9% shares in the capital of PT Surya Tambang Tolindo from Spectra Capital Success Inc.
The proposed transaction signed on April 11, 2013 shall be consummated via the delivery of shares in the capital of Borneo Coal Resources Pte. Ltd., via intermediate holding companies in Indonesia.
Spectra Capital Success is an investment holding company incorporated in British Virgin Islands and its sole shareholder is Nina Haranto, a Thai national. PT Surya Tambang Tolindo is a limited liability company in Indonesia, having its domicile at Samarinda.
It said that the company has also entered into a conditional sale and purchase agreement dated 11 April 2013 with Hans Korompis for the acquisition of shares in each of the Indonesian PMA Company, the Indonesian Local Company and the target owned by Hans Korompis. The target is defined as as holder of a production operations mining business license in the concession area of 4,600 ha located at Besiq Village, Damai Sub-district, Kutai Barat Regency, East Kalimantan. The concession has a term of 20 years from the date of issuance of the license, covering the stages of construction, mining, processing, and refinery, as well as transportation and sales.
Editing by Adianto P. Simamora