Straits: Creditors complete sale of PT IMK
Monday, June 22 2015 - 01:20 AM WIB
ASX-listed Straits Resources Limited announced Monday that on June 19, the creditors of its wholly owned subsidiary, PT Indo Muro Kencana (PT IMK), owner of the Mt Muro gold mine in Central Kalimantan, completed the sale of PT IMK to a third party (purchaser).
The company said in a statement that the sale includes transfer to the purchaser of Straits? subsidiaries (Muro Offshore Pty Ltd (MOPL) and Indo Muro Pty Ltd (IMPL)) that hold all the PT IMK shares. It did not disclose the identity of the purchaser and the value of the transaction.
The transaction followed a debt settlement plan proposed by PT IMK, which was approved on October 10, 2014 by the creditors and the Indonesian Commercial Court.
The statement added that PT IMK creditors have provided appropriate releases to directors and commissioners of PT IMK and also to Straits.
Straits and its remaining subsidiaries have no ongoing obligations to the creditors of PT IMK and have only provided limited warranties to the purchaser. Straits does not receive any consideration in relation to the sale. As a result of the transaction, Straits said it no longer has any interest in or ongoing liability in respect of PT IMK or the Mt Muro Mine.
Straits? Executive Chairman, Andre Labuschagne said: ?This is a significant outcome for both Straits and the creditors of PT IMK and is the result of more than twelve months of consultation and co-operation between the parties. This transaction delivers a mechanism through which the creditors of PT IMK have been able to crystallize value from the assets of PT IMK.?
Editing by Reiner Simanjuntak