Resource Alam concludes Kaltim Mineral acquisition
Wednesday, February 27 2013 - 02:37 AM WIB
IDX-listed mining company PT Resource Alam Indonesia Tbk is finalizing the transaction for the acquisition of a 75 percent stake in PT Kaltim Mineral, Bisnis Indonesia reported on Wednesday.
Bambang Prijonohadi, the director of Resource Alam, said in Jakarta on Tuesday that the company had paid about $937,500, the remaining half for the payment of Kaltim Mineral?s 75 percent stake.
In Feb. 22, Resource Alam signed a sale and purchase agreement for the acquisition of a 75 percent stake in Kaltim Mineral. The company agreed to pay US$1.87 million for the acquisition.
According to the agreement, Resource Alam has to pay the acquisition in two installments. The first 50 percent of the payment had been settled earlier. (*)