Mitra Investindo divests granite business
Wednesday, August 19 2015 - 01:35 AM WIB
IDX-listed PT Mitra Investindo Tbk said it has sold its granite mining business in Gunung Kijang District, Bintan Regency, Riau Islands Province, to PT Sanmas Mekar Abadi as it aims to focus on oil and gas businesses.
The company said in a statement obtained Wednesday that an agreement with Sanmas was signed on August 13.
?In relation to this transaction, the company would transfer or sale of its machinery, equipment and spare parts with the transaction value of Rp 39 billion,? the company said in the statement, adding that the transaction value was equal to 14.37 percent of its net equity per June 30, 2015.
?This spin off transaction is a part of the company's strategy as the company would focus on the investment of exploration and development in oil and gas business,? it added.
Editing by Reiner Simanjuntak