Malaysia?s Pasukhas plans to acquire Indomuda
Friday, July 14 2017 - 02:40 AM WIB
Malaysia?s Pasukhas Group Berhad plans to acquire majority stake in Indonesia?s PT Indomuda Satria Internusa, a diversified company engaged among others in coal mining, trading, power plant development, and oil and gas services with operations in Asia Pacific region.
Pasukhas said in a statement Tuesday that its subsidiary Pasukhas Energy Sdn Bhd had on July 11 entered into a Memorandum of Understanding with Indonesian businessman Hariyanto (the vendor) for the proposed acquisition of 61 percent equity interest in the share capital of PT Indomuda Satria Internusa.
Indomuda is a private limited company incorporation in Indonesia, having business address at Jl. Anggrek Cendrawasih XI/18, Kemanggisan - Jakarta 11480. The company offers engineering, procurement, construction, calibration, commissioning, and maintenance services for electrical and instrumentation works in oil and gas plants, petrochemical plants, power plants, and HV transmission lines, including mechanical and piping works. It also produces, trades, and exports coal; owns, develops, builds, and operates coal fired and hydro power plants; and provides offshore and onshore drilling and work over services for oil and gas companies.
?The parties agree that this MOU shall be effective on the date first above written and shall be automatically terminated upon the due execution of a share sale agreement in relation to the purchase of the sale shares of PT Indomuda from the vendor (share sale agreement). In the event any party wishes not to carry on contributing to the parties, this MOU shall ipso facto cease and determine and the parties shall not have any further claims against any other party save for antecedent breach,? Pasukhas said in the statement.
?The parties shall upon the purchaser being satisfied with the legal, financial and technical due diligence of PT Indomuda, enter into definitive share sale agreement to set forth their intention,? the statement added.
The purchase consideration for PT Indomuda shall be mutually agreed by the parties and to be set forth in the share sale agreement.
The parties agree that a legal, technical and financial due diligence shall be performed on PT Indomuda upon the execution of this MOU.
The purchaser shall pay a deposit amounting to US$40,000 only to the vendor and the parties agree that in the event the purchaser is unsatisfied with the legal, financial and technical due diligence of the PT Indomuda, the vendor shall return the deposit to the purchaser. In the event the purchaser upon a satisfactory legal, financial and technical due diligence deliberately refuse to execute a share sale agreement within six months from the date of completion of the legal, financial and technical due diligence, the vendor shall be entitled to forfeit the deposit, the statement ended.
Editing by Reiner Simanjuntak