Intrepid to issue 28.68 m shares to Surya Paloh
Wednesday, August 1 2012 - 01:43 AM WIB
Australia-listed miner Intrepid Mines Limited announced an agreement for the placement of 27,680,017 ordinary shares, representing approximately 5 percent of the company?s expanded issued capital to Indonesian businessman, Surya Paloh.
?We are delighted to be associated with Paloh, whose extensive networks and vast experience in navigating the waters of Indonesian business will greatly benefit the company both in safeguarding its existing interests in Indonesia and in expanding within the local resources sector,? Intrepid CEO, Brad Gordon, said in the statement submitted the ASX.
It said that this association extended the company?s assimilation into Indonesia and follows the appointment of Adrianto Machribie to the board of Intrepid in November 2011 and the recent opening of a Representative Office in Jakarta.
Interpid is currently developing a copper-gold project in Tujuh Bukit in East Java.
?We look forward to a close relationship with Paloh, whose interests are now well-aligned with those of our existing shareholders through a share acquisition scheme which recognizes the potential contribution of Paloh to assist in rebuilding shareholder value in the company,? the company said.
Surya Paloh is a prominent political and business figure in Indonesia. He is the founder and owner of the first Indonesian news television network, Metro TV, and the Media Group, which publishes the Media Indonesia and Lampung Post newspapers.
Editing by Adianto P. Simamora