Indika retains rights to sell MTU's coal
Friday, June 1 2012 - 01:50 PM WIB
PT Indika Indonesia Resources (IIR) and subsidiary Indika Capital Investments Pte Ltd (ICI), both are parts of IDX listed firm PT Indika Enery Tbk, have on May 30 signed all related agreements in relation to their previously signed Conditional Share Purchase Agreement and Distribution Agreement dated February 15 with the shareholders of PT Multi Tambangjaya Utama (MTU).
Some of the related agreements is the deed of transfer rights over shares between IIR and MTU shareholders, allowing Indika to control up to 85 percent of MTU shares.
ICI and International Coal Trading Limited has also signed deed of transfer rights over coal trading, giving Indika the right to market up to 85 percent of MTU's coal output, with total value amounting to US$136 million.
Editing by Er Audy Zandri