SP Resource, Bukit Baiduri sign 500,000 mt coal contract
Friday, January 20 2012 - 01:28 AM WIB
Singapore-listed industrial and engineering services SP Corporation Limited announced that its subsidiary, SP Resources International Pte. Ltd (SPRI) had signed new coal contract with Indonesian coal miner Bukit Baiduri Energi (BBE) in which the latter would supply 500,000 million tonnes of coal.
The BBE would start delivering fixed coal allocation to SPRI by 30 June 2012 and would repay of US$2 million interest-bearing deposit placed by SPRI with BBE which was announced on 12 January 2011.
The transaction is part of the commodities trading business renewed at SP Corporation Limited?s annual general meeting held on 7 April 2011.
Executive Director/Chief Executive Officer of SP Corporation Limited Boediman Gozali, William Liem and his brother Liem Chin Chiang, both are Non-Executive Directors of the company, are deemed to be interested in the transaction by virtue of the interest which their immediate family holds in BBE.
Chairman of the SP Corporation Peter Sung also disclosed his interest in the transaction.
Editing by Adianto P. Simamora