MITI issues new shares
Wednesday, February 8 2017 - 01:07 AM WIB
SGX-listed Interra Resources Limited announced Tuesday that its Indonesian subsidiary IDX-listed PT Mitra Investindo Tbk (MITI) has increased its number of issued shares from 1,283,228,000 shares to 1,411,550,800 shares through the issue and allotment of 128,322,800 ordinary shares to Mahakarya Investment Limited.
The company said in a statement that the share issue was undertaken to provide funds for the proposed acquisition of PT Benakat Oil (BO).
Interra said that following the share issue, the shareholding of the company in MITI has been diluted from 53.76 percent to 48.87 percent.
MITI obtained in December of last year shareholders? approval for acquisition of 23.4 percent shares in BO, which will translate into an indirect holding of 21.79 percent of PT Benakat Barat Petroleum (BBP).
BBP is a limited liability company incorporated under the laws of Indonesia. Pursuant to an operations cooperation agreement (the Benakat Barat KSO) entered into between BBP and PT Pertamina EP on March 16, 2009, BBP holds an undivided 100 percent interest in the Benakat Barat KSO and has the rights and obligations to exploit, develop and explore for hydrocarbons in the Benakat Barat field in South Sumatra.
MITI currently owns the Linda Sele oil and gas field, in West Papua, following the acquisition of 90 percent shares of Goldwater LS Pte Ltd from Interra Resources Ltd in 2014.
Editing by Reiner Simanjuntak