Singapore?s Penton establishes UK subsidiary Jambi Coal Plc

Singaporean firm Penton International Ltd has established UK-based subsidiary Jambi Coal Plc to develop its coal concessions in Jambi province.

Penton said in a statement on Monday that Jambi Coal had an authorised share capital of GBP 200,000 (US$ = GBP 0.55) and paid-up capital of GBP 50,000, comprising of 100,000 shares valued at GBP 0.50 per share.

Penton will transfer its 50.5 percent ownership in the Jambi coal fields to Jambi Coal, in which Penton has a 91.599 percent interest, subject to the necessary regulatory approvals, as required by the Singapore Stock Exchange.

?Following the transfer of ownership of the Jambi coal assets, new equity will be raised for Jambi Coal Plc both prior to and in conjunction with a listing on Alternative Investment Market (AIM) in London,? Penton said.

According to the statement, Jambi Coal's board of directors include Chairman Richard Healey and Managing Director AKM Ismail. KPMG will be appointed as auditors, whilst Norton Rose will act as legal counsel.

In July 2005, Penton acquired 72.86 percent of the issued share capital of PT Suskes Lancar Sentosa (SLS), which owns 70 percent of the issued equity in three coal companies PT Anugerah Jambi Coalindo, PT Bakti Sarolangun Sejahtera and PT Sinar Anugerah Sukses, for US$3 million.

Penton earlier said it intended to immediately exploit the coal reserves in the concessions to produce up to 2 million tons of coal a year and develop a new 100 MW power plant together with a potential partner from China. (Robert)