IEV signs SPA with Altfield
Friday, October 5 2012 - 01:19 AM WIB
Singapore-listed firm IEV Holdings Limited said that following the term sheet agreement with investors recently, it has entered into a sale and purchase agreement (SPA) with Altfield Global Resources Limited.
The company said in a press statement on Thursday that it reached the SPA with Altfield on October 3rd of 2012 for the sale of 1,508,000 shares of IEV Energy Investment Pte. Ltd. (IEV Energy), representing 58 percent of IEV Energy?s total issued and paidup capital (disposal).
The SPA was signed after IEV Holdings Limited announced that it had entered into a term sheet agreement with a potential investor for the funding of the Kerjasama Operasi also known as the ?Operation Cooperation? program of the Pabuaran Block, located onshore West Java (KSO Contract).
The block is located 90 kilometers east of Jakarta in the Subang district, West Java, with a total acreage of about 77.036 square km.
It stated that the Investor is not related to any of the directors or controlling shareholders of the company.
Prior to the disposal, IEV Energy is a wholly-owned subsidiary of the company. IEV Energy was incorporated in Singapore and has, at the date hereof, an issued and paid-up capital of S$2,600,000, consisting 2,600,000 ordinary shares.
IEV Energy owns a 95.0 percent interest in PT IEV Pabuaran KSO (Joint Operating Company?), which has entered into the KSO Contract. IEV Energy will cease to be the Company?s subsidiary upon completion of the disposal.
Completion of the Disposal is targeted to take place on or about October 31st of 2012, and is subject to various conditions precedent.
Altfield is owned by several individuals who are Indonesian businessmen and some of them are directors and shareholders of Noble Capital Resources Asia Pte. Ltd., a venture capital firm focusing on a new generation of high-growth oriented businesses.
The consideration for the Sale Shares is S$7,632,050, being the sum of the equivalent of US$5.0 million based on the exchange rate of US$1:S$1.22481 as set out in the SPA, and 58 percent of the current issued and paid-up capital of IEV Energy, being S$1,508,000.
Editing by Benget Besalicto Tnb.