Long-stop date for acquisition of Blackgold?s coal assets extended
Friday, September 5 2014 - 04:17 AM WIB
SGX-listed NH Ceramics said that the long-stop date for the planned acquisition of 100 percent interests in BlackGold Asia Resources Pte Ltd, and Blackgold Energy Ltd has been extended to September 30 from August 31, 2014.
The company said in a statement last week that the long-stop date may be extended by another six months from September 30.
The extension of the long-stop date is part of the second supplemental sale and purchase agreement signed by NH Ceramics on August 29 with the vendors.
The company first signed an agreement in March of last year with the vendors including Twin Gold Ventures S.A., Rockfield Lake Limited, Cerenti Investments Ltd, Novel Creation Holdings and Kaalasona Limited proposing to acquire 100 percent of the total equity interest of BlackGold Asia Resources Pte. Ltd. and BlackGold Energy Limited.
The BlackGold Group has controlling interests in three Indonesian companies that each has coal concessions covering a combined area of approximately 53,000 hectares located in the Riau Province, Island of Sumatra.
NH Ceramics said at the time that the purchase price payable by the company for all the issued shares shall be equivalent to US$150,000,000, which shall be satisfied in entirety by the allotment and issue of 3,177,966,101 new ordinary shares in the share capital of the company to the vendors.
Editing by Reiner Simanjuntak