L&M terminates two gas pipeline projects in West Java
Tuesday, January 15 2002 - 02:50 PM WIB
Singapore construction company L&M Group Investments Ltd. announced on Tuesday that its wholly owned subsidiary L&M Petromas Pte Ltd had terminated the share purchase agreement and the Heads of Agreement in November with PT Moeladi and PT. Petroimpex Nuansa Corporindo as the vendors on the two gas pipeline projects in West Java.
The company said the share purchase agreement involved acquiring 60 percent of all the shares in PT Petroinsana Mitra Mandiri for US$923,000.00 and the heads of agreement involved acquiring 60 percent of all the shares in PT. Moeditha Lanthika Indonesia for the sum of US$15.171 million, each of which was payable in full by way of an issuance of new shares in L&M.
L&M said that the termination is a result of the vendors' failure to fulfill the conditions precedent and the terms and conditions of the share purchase agreement within the stipulated deadline. (robert)