Inovisi plans to acquire a mining company at $150 million

IDX-listed mobile application service providers PT Inovisi Infracom Tbk said that the company?s subsidiary PT Goldchild Integritas Abadi (GIA) planned to acquire a mining company in Central Kalimantan at US$150 million with a concession area of 34,000 hectares.

Inovisi?s Corporate Secretary Benita Sofia said that the planned acquisition was expected to take place in February or March 2012, adding that the mining company has deposit of between 200 and 300 million tonnes of coal with calorific value of 5,100-6,300 kcal/kg.

?The company needs to hold an extraordinary stakeholders? meeting first (to decide on the planned acquisition),? Benita said as quoted by Investor Daily newspaper.

The money for planned acquisition would come from among others loan from banks, strategic partnership and the release of company?s shares in its subsidiaries.

?But, exact proportion of the financing sharing have not been decided yet,? Benita said. (*)