Singapore firm to acquire stake in Toba Bara
Tuesday, December 6 2016 - 12:58 AM WIB
IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk said that Singapore-registered Highland Strategic Holding Pte Ltd plans to acquire a 61.79 percent stake in the company.
Toba Bara said it received a letter from the Singapore firm on Monday informing about the acquisition plan, under which Highland Strategic would buy the shares from PT Toba Sejahtra.
Toba Bara said in a statement the two companies had on November 9 signed a conditional share purchase agreement. No further details were provided.
The company currently has four operating subsidiaries, three of which are in coal mining namely PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), and PT Trisensa Mineral Utama (TMU) which operate mines located in East Kalimantan. The company has set production target of 5-7 million tons this year, but output in the first nine months of this year only reached 4.2 million tons.
Editing by Reiner Simanjuntak