Sky One extends longstop date for acquisition

By Romel S. Gurky

SGX-listed logistics provider Sky One Holdings Limited has extended the longstop date by which all the conditions for the buyout of Energy Prima Pte Limited, which is the majority owner of two coal mining companies in East Kalimantan.

The firm recently said it had signed a Supplemental Acquisition Agreement to buy the entire issued and paid-up shares of Energy Prima for S$400 million.

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.

At the same time, the firm 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.

In statement on Wednesday, the firm said it ?has agreed with the Vendors (in the case of the Supplemental Acquisition Agreement) and Dicky Suen (in the case of the Supplemental Disposal Agreement) to extend the long stop date, by which all the conditions precedent under the Acquisition SPA and the Disposal SPA must be fulfilled, to 30 June 2014.?

Editing by Johannes Simbolon