Mitra Investindo gets approval for rights issue
Tuesday, July 1 2014 - 12:18 AM WIB
IDX-listed PT Mitra Investindo Tbk (MITI) has received approval from its shareholders for rights issue to raise financing for the acquisition of Singaporean firm Interra Resources Limited?s 90 percent shares in a subsidiary that controls Linda Sele TAC block in West Papua.
?The Board wishes to inform its shareholders that MITI has today obtained the approval of its shareholders at an extraordinary general meeting for inter alia the MITI Rights Issue,? Interra said in a statement on Monday.
On March 14, 2014, MITI announced that it has entered into a Conditional Sales and Purchase Agreement (CSPA) with Interra Resources Limited and Goldwater LS Pte. Ltd on share acquisition.
Pursuant to the CSPA, the company agrees to purchase 90 shares owned by Interra in Goldwater representing 90 percent of the total issued and paid-up capital in Goldwater with the purchase price of US$13,500,000.
Goldwater is a limited liability company wholly owned by Interra. Goldwater has a wholly-owned subsidiary company, IBN Oil Holdico Ltd. which has 100 percent interest in Linda Sele TAC belonging to state owned oil and gas firm PT Pertamina (Persero).
IBN is the sole operator in Linda Sele located in West Papua. As per 2013, the total gross production of Linda Sele is 72,667 barrel.
Editing by Johannes Simbolon