Myoh Technology acquires PT Sims at Rp516 billion
Friday, December 30 2011 - 02:23 AM WIB
IDX-listed mining contractor PT Myoh Technology Tbk said that the company had completed acquisition process on a mining company PT Sims Jaya Kaltim (SIMS), a subsidiary of Korea-based Samtan Co Ltd.
With the acquisition valued at Rp 516 billion, PT Myoh which would change its name to PT Samindo Resources Tbk next year controlls 99.90 percent of the shares of PT SIMS.
?The company (PT Myoh) has completed the payment for acquisition on December 21,? President Director of PT Myoh Dedet Yandrinal said, adding that the fund was raised from right issues with the total of Rp529 billion.
PT Myoh changed its core business from information technology previously to the current mining contractor.
The company targeted to raise revenue to Rp1.537 billion in 2012 from the expected income Rp1.454 billion this year. (giok)