Jatenergy signs conditional agreement for sale of CSB
Monday, July 22 2013 - 02:42 AM WIB
ASX-listed Jatenergy announced on Monday that it has signed the conditional share sale and purchase agreement for the sale of PT Coal Soil Brik (CSB) in Katingan to PT Prakarsa Corporindo, replacing an expired conditional agreement with another Indonesian company.
Under the deal signed on 17 July 2013, Jatenergy agreed to the sale of 100 percent of the Coal Soil Brik to Prakarsa Corporindo worth US$2,000,000. Prakarsa has made an initial payment of $200,000 and will have six months to complete the transaction.
The statement said that the remaining purchase price has to be paid subject to Jatenergy?s fulfillment of the Conditions Precedent (CP's) within a period of three months.
Once the CP?s have been satisfied, the remaining purchase price of USD$1,800,000 will be paid by 17 December 2013.
Of this payment Jatenergy will earn 80 percent minus costs and associated expenses.
?If the CP?s are not fulfilled within the agreed three (3) month period, Prakarsa has the rights to waive the CP?s outstanding or extend the period for the CP?s fulfilment. Otherwise the agreement can be terminated and the initial payment refunded,? the statement said.
Editing by Adianto P. Simamora