Sugih Energy signs CSPA
Tuesday, April 23 2013 - 02:11 AM WIB
IDX-listed PT Sugih Energy Tbk has signed a conditional share purchase agreement (CSPA) to acquire 100 percent shares issued by PT Petronusa Bumibakti, and Demeter Energies Corp.
The company said in a press statement on Monday that the CSPA was signed last Thursday, 18th April 2013, with PT Bagus Setia Giri and Tuan Dwijaya H. Surya.
It stated that PT Petronusa Bumibakti and International Mineral Resources Inc. have 55 percent participating interest in Petroselat, Ltd., which is the operator of Selat Panjang PSC in Riau province.
However, the acquisition is not yet effective as there are still a number of requirements to be fulfilled by all parties concerned. It will be effective after all of the requirements mentioned in the CSPA fulfilled.
Editing by Benget Besalicto Tnb.