Noble acquires stakes in Pan Asia
Thursday, March 21 2013 - 06:43 AM WIB
ASX-listed company Pan Asia Corporation Limited reported on Thursday that Noble Resources International Pte Ltd, a wholly-owned subsidiary of Singapore-listed Noble Group has acquired an equity stake in the company, and has also been appointed a strategic advisor to PT Transcoal Minergy (PT TCM).
PT TCM is developing a High CV Thermal coal project in South Kalimantan and is 75% owned by Pan Asia.
The company said in the statement that Pan Asia and Noble have entered into a share subscription agreement under which Noble will subscribe for 7 million shares (5.34% of the company.
Noble will have top up rights to maintain its holding post completion.
Pan Asia CEO Alan Hopkins said: ?We are very pleased to further strengthen the ties between the companies. We have a shared motivation to expedite the advancement of production at TCM, and to pursue additional growth opportunities.?
?In particular, Noble has a strong understanding of and presence in the Indonesian Coal industry and can provide Pan Asia with invaluable support in delivering the TCM Project,? Hopkins said.
Editing by Adianto P. Simamora