Sky One appoints underwriters to raise S$16.60m

By Romel S. Gurky

SGX-listed logistics provider Sky One Holdings Ltd announced Tuesday it has appointed Canaccord Genuity Singapore Pte. Ltd. and UOB Kay Hian Private Limited as joint underwriters and placement agents to raise S$16.60 million via private placement, the proceeds of which to be used to help finance the acquisition of Indonesian coal assets.

As had been reported earlier, Sky One plans to acquire Energy Prima Pte Ltd, which owns 80 percent shares of PT Pilar Mas Utama Perkasa, and 99.8 percent shares of PT Rinjani Kartanegara, which are both East Kalimantan-based coal miners, for S$265 million. The two coal mining firms have a combined concession of 1,933 hectares, of which only 283.49 ha have been explored so far.

The planned acquisition, which will depend on the result of the private placement, forms part of the company?s strategy to focus on coal business.

Editing by Reiner Simanjuntak