Sky One plans private placement to acquire Kalimantan coal mines

By Romel S. Gurky

SGX-listed logistics provider Sky One Holdings Ltd announced Tuesday it plans to raise up to S$16.6 million via private placement to help finance its planned acquisition of coal mines in Indonesia?s East Kalimantan Province.

The company said in a statement that realization of the planned acquisition will depend on the result of the private placement.

Sky One said it would hold shareholders meeting to seek approval for the planned issuance of 83 million new shares via private placement.

The company has previously announced its plan 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, both East Kalimantan-based coal miners, for S$265 million.

Editing by Reiner Simanjuntak