Interra completes sale of Goldwater
Tuesday, August 5 2014 - 01:58 PM WIB
SGX-listed Interra Resources Ltd said it has completed the sale of 90 percent shares in Goldwater LS PS Pte Ltd (GLS) to IDX-listed PT Mitra Investindo Tbk (MITI).
?The board is pleased to announce that the proposed transactions have been successfully completed and the company has received the purchase price of US$13.5 million,? Interra said in a statement issued Tuesday.
?Following the completion, MITI holds 90 percent of the issued and paid up share capital of GLS and the company holds 52.46 percent of the total issued and paid up share capital of MITI,? the statement added.
Interra said it continues to hold the remaining 10 percent of the issued and paid up shares in GLS.
MITI signed in March a conditional sales and purchase agreement (CSPA) with Interra for the acquisition of GLS, whose wholly-owned subsidiary IBN Oil Holdico Ltd holds 100 percent interest in Linda Sele TAC belonging to Indonesian state-owned oil and gas firm PT Pertamina.
IBN is the sole operator of Linda Sele located in West Papua. As per 2013, the total gross production of Linda Sele is 72,667 barrel.
MITI financed the acquisition of the GLS shares through rights issue proceeds.
Editing by Reiner Simanjuntak