Pan Asia hopes to conclude sale of TCM coal project this quarter
Monday, February 3 2014 - 04:30 AM WIB
ASX-listed Pan Asia Corporation said it expected to conclude in the first quarter of this year ongoing negotiations with Indonesian and Singaporean investors for the possible sale of its 75 percent interest in the TCM coal project in South Kalimantan.
?These negotiations are advanced and are continuing with competing interests,? the company said in a fourth quarter report published over the weekend.
?The company believes the coming quarter will see it conclude one of these arrangements, subject to all regulatory and shareholder approvals,? it added.
In November of last year, the company also announced fund raising schemes including -share placements and rights issue plan to strengthen its equity base, which are expected to be completed between January and March of 2014.
Pan Asia CEO Alan Hopkins said: ?Strengthening the company?s equity base, while progressing with negotiations on the TCM project, was important step for the company. We now look forward to completing arrangements on the TCM project in the coming quarter which may see the Company?s asset rerated with a retained interest funded to production.?
Editing by Reiner Simanjuntak