Interra purchases Mitra Investindo shares

By Romel S. Gurky

SGX-listed Interra Resources Limited announced on Friday it has bought 32,081,000 shares in IDX-listed PT Mitra Investindo Tbk (equivalent to 5 percent of the issued share capital of the firm) for an aggregate cost of Rp 8,675,268,413 (approximately US$0.77 million) through open market on the Indonesia Stock Exchange (IDX).

Mitra owns and operates a granite quarry located in Bukit Piatu, Kijang, Bintan, Riau Archipelago province.

Mitra said last month it planned to launch rights issue to raise Rp 147.57 billion in proceeds, which the company said would be used to finance the acquisition of 90 percent stake in Goldwater LS Pte Ltd from Interra, which is controlled by IDX-listed investment firm PT Saratoga Investama Sedaya Tbk. Interra had been appointed as the standby buyer of the rights issue.

Goldwater is the parent of IBN Oil Holdico Ltd, which holds 100 percent interest of the Linda Sele Technical Assistance Contract (TAC) located in West Papua. As of last year, Linda Sele?s gross output reached 72,667 barrels.

Editing by Johannes Simbolon