Macmahon shareholders to decide on AMNT transaction
Thursday, June 15 2017 - 02:14 AM WIB
Shareholders of ASX-listed civil engineering and contract mining company Macmahon Holdings Limited is set decide on the proposed transaction between the company and Indonesian gold and copper mining firm PT Amman Mineral Nusa Tenggara (AMNT) at an upcoming general meeting on July 12.
?The Board of Macmahon has today approved the Notice of General Meeting in relation to a meeting of shareholders to be held on July 12, 2017 to consider the AMNT Transaction,? Macmahon said in a statement on Wednesday.
Macmahon and AMNT signed a binding agreement last month, under which Macmahon will acquire mining equipment from AMNT, AMNT would become a significant shareholder in Macmahon, and Macmahon would be awarded a life of mine contract to provide certain earthmoving and mining services at AMNT?s copper-gold mine in Indonesia including the giant Batu Hijau mine in West Nusa Tenggara Province. The transaction is subject to certain key conditions including approval from Macmahon shareholders.
Under the planned transaction, Macmahon will issue new shares to AMNT?s subsidiary Amman Mineral Contractors (Singapore) Pte. Ltd (AMC) for the acquisition of the AMNT mining equipment, which will result in AMC becoming Macmahon's largest shareholder.
Editing by Reiner Simanjuntak