Peking Apparel buys C. Sulawesi nickel mine
Friday, October 12 2007 - 12:05 PM WIB
Hong Kong Stock Exchange-listed garment manufacturer Peking Apparel International Group Ltd said on Friday it was in the process of acquiring nickel mining asset in Indonesia for HK$ 2.34 billion (US$ = HK$ 7.8)
The company said its wholly owned subsidiary, Par Excellence Investments Ltd, has agreed to acquire the entire issued share capital of Honour Max Trading Ltd from Elite Dragon Ltd and High Chance Investments Ltd.
Honour Max Trading, through its subsidiary Sharp Speed Investments Ltd, has a nickel ore supply contract with PT Aneka Nusantara Internasional of Indonesia, which operates a nickel mine located in Central Sulawesi.
Under the supply contract, PT Aneka Nusantara Internasional will supply nickel ores to Sharp Speed Investments for 15 years from the completion date of the acquisition.(alex)