Sky One: Acquisition price of E. Kalimantan coal mines reduced to $265m
Tuesday, July 1 2014 - 04:17 AM WIB
SGX-listed logistics provider Sky One Holdings Limited signed on Monday a further supplemental agreement in relation to the planned acquisition of Energy Prima Pte Ltd, which owns coal mines in East Kalimantan.
The company said that under the new supplemental agreement, both sides have agreed among others to reduce the acquisition price to S$265 million from $400 million as initially agreed when the acquisition deal was first strike in 2012.
The company said in a statement that the lower acquisition price reflected the current lingering weak coal price, and changes in the market.
Energy Prima owns 80 percent of PT Pilar Mas Utama Perkasa issued share capital, as well as 99.8 percent of PT Rinjani Kartanegara, both Indonesian coal miners with a combined concession area of up to 1,933 hectares in East Kalimantan, of which only 283.49 hectares have been explored so far.
Sky One has also signed a Supplemental Disposal Agreement with its CEO and controlling shareholder, Dicky Suen Yiu Chung, to dispose all its business, except for PT Energy Indonesia Resources.
The planned purchase of Energy Prima and the planned disposal of all its existing business is part of the firm?s strategy to focus on coal business.
Editing by Reiner Simanjuntak