Interra gets approval for share listing and quotation
Tuesday, June 9 2015 - 02:52 PM WIB
SGX-listed Interra Resources Limited announced on Tuesday that the SGX-ST has, in the evening of 8 June 2015, granted their approval in-principle (AIP) for the listing and quotation of 57,086,112 Consideration Shares, a corporate action taken following the firm?s agreement to acquire an oil company in Indonesia.
The AIP granted by the SGX-ST is subject to compliance with the SGX-ST?s listing requirements and the issuance of the Consideration Shares under a valid general mandate obtained pursuant to Listing Rule 806.
On March 12, the firm announced the Proposed Acquisition and the Condition Sales and Purchase Agreement (CSPA) entered into by its wholly-owned subsidiary, Goldwater Indonesia Inc. (GII), with PT Benakat Integra TBK (BI), PT Benakat Oil (BO) and PT Bangkudulis Patina Petroleum (BPP).
Pursuant to the CSPA, the company said on March 12 that it shall issue and allot 57,086,112 Consideration Shares to BI.
The company has paid the cash portion of the Purchase Price of the Proposed Acquisition on 17 March 2015. The Seller, BI, is a company listed on the Indonesia Stock Exchange and carries on business as an integrated energy and resources company with portfolio assets and investment in several mining sectors, including coal infrastructure services and oil and gas sector. Its directors are Michael Wong, Andreas Kastono Ahadi, Adhi Utomo Jusman and its president director is Wibowo Suseno Wirjawan. Its controlling shareholders are PT Indotambang Perkasa and Interventures Capital Pte Ltd.
Editing by Johannes Simbolon