Pan-United sells coal unit to Borneo Resources
Saturday, November 28 2015 - 04:36 AM WIB
SGX-listed Pan-United Corporation Ltd (PUC) announced that the company?s wholly-owned indirect subsidiary Resources Development (2010) Pte. Ltd. has sold its entire shareholding in Batubara Development Pte. Ltd. comprising two issued and fully paid up ordinary shares to Borneo Resources International Pte Ltd for a total cash consideration of S$2.00.
?The consideration for the sale was arrived at on a willing buyer and willing seller basis. Accordingly, Batubara has ceased to be a PUC subsidiary with effect from today,? PUC said in a statement Friday.
The sale is not expected to have any material impact on the earnings per share and net tangible asset value per share of the PUC Group for the current year, it added.
Batubara Development set up in 2012 a coal business unit called PT Sebamban Resources under a 50:50 joint venture with PT Deli Coal.
Editing by Reiner Simanujntak