PHI Group provides corporate updates
Thursday, March 28 2013 - 02:48 AM WIB
Energy and natural resources company PHI Group said it has signed an agreement to acquire 95 percent of PT Harjo Mas Makmur (HMM), an Indonesian coal mining company with 10,000,000 MT of indicated coal resources in East Kalimantan.
The company said in a statement Thursday it will conduct additional technical, legal and financial due diligence prior to the closing of this transaction. This mine is already in production and can be expanded to 50,000 MT per month, the company added.
In another development, the company has amended the purchase agreement with PT Tambang Sekarsa Adadaya (TSA) to extend the closing date of this acquisition until June 30, 2013 to allow adequate time for the technical, legal, and financial due diligence of TSA.
In addition, the company has signed an agreement with Vietnam-based CKD Northern Minerals Joint Stock Company to co-develop a 378-km2 copper concession in Muong
Hun District, Oudomxay Province, Lao People's Democratic Republic.
The company said it has engaged a New York-based investment banking firm and has been working with institutional investors in Europe and Asia to provide the required capital to finance the acquisition, capital expenditures and working capital of TSA and HMM as well as PHI Group's on-going program to acquire and build a growing portfolio of energy and natural resource assets.
The company also announced a conference call for shareholders and investors on April 2.
Editing by Reiner Simanjuntak