Tenaga quits S. Kalimantan coal mining business
Monday, April 30 2007 - 05:33 PM WIB
Malaysia national electricity firm Tenaga Nasional Berhad announced on Monday it had signed Share Sale Agreement on April 30 2007 to sell its unit?s 99 percent shares in South Kalimantan coal miner PT Dasa Eka Jasatama (DEJ) with Indonesia? top mining contractor PT Pamapersada Nusantara.
The company said Pama would pay US$19.5 million for the 99 percent shares.
The completion of this divestment exercise is subject to the fulfillment of all conditions precedent under the SSA. The conditions precedent of the SSA are to be met within 9 month from the date of signing of the SSA.
Upon completion of the SSA, PAMA will be the sole owner of DEJ. PAMA is a unit of JSX-listed heavy equipment distributor PT. United Tractors Tbk.(alex)