Sky One Holdings to buy out Energy Indonesia

Singapore-listed Sky One Holdings Limited and its wholly-owned subsidiary Sky One Network (Holding) Ltd on November 9 entered into a sale and purchase agreement with Nordiansyah Nasrie and Forrest Point Enterprises Ltd (FPEL) for the purchase of 2,500 ordinary shares, representing the entire issued and paid-up share capital of PT Energy Indonesia Resources.

The proposed acquisition of the entire shares is amounting to S$1.8 million.

Nasri and FPEL hold 2,475 and 25 unit of shares respectively, representing 99 percent and 1 percent of the issued and paid-up share capital of PT Energy respectively.

PT Energy was established on July 17, 2006 and has a foreign direct investment status, for the purpose of carrying out mining support activities.

PT Energy is currently a dormant company but it is envisaged that after the proposed acquisition, it will commence mining support activities consisting of first, the management of a stockpile facility, jetty and loading conveyor; secondly, the transportation of coal ore produced by customers to the stockpile facility and the loading/uploading of such coal ore to ships at the jetty; and third, other logistic support activities.

Under the Indonesian ruling, PT Energy is required to increase its capital to at least Rp5 billion. Consequently, upon the completion of the proposed acquisition, Sky One Holding will subscribe for new shares to be issued by PT Energy amounting to $700,000 in cash.

Therefore, the total outlay for the proposed acquisition will reach S$2.5 million. (romel/roffie)