Gunung Agung to acquire mining company

Publicly listed book store and printing company PT Toko Gunung Agung Tbk plans to acquire mining company PT Permata Energy Resources as part of the company?s agenda to change its core business into mining operations, Bisnis Indonesia reported on Friday.

As part of the plan, Gunung Agung would soon launch right issue to finance the acquisition. In the right issue, the company will sell 960 million new shares at price of Rp 500 per share to PT Permata Prima Energy. With the purchase, Permata Prima will own a 94.86 percent stake in Gunung Agung.

In its prospectus, Gunung Agung said that it would use about Rp 480 billion from the sales of the new shares to acquire a 99.79 percent stake in PT Permata Energy, which has five subsidiaries engaged in coal mining operations and infrastructure. (*)