UFS, DSS, GMR extends SPA to end of April
Saturday, March 30 2013 - 03:42 AM WIB
Singapore-based company United Fiber System Limited (UFS) reported on Friday that the Company, IDX-listed PT Dian Swastika Sentosa Tbk (DSS) and GMR Coal Resources Pte Ltd has on March 28 entered into a third supplemental agreement to further extend the long-stop date for the satisfaction of the Conditions Precedent in the Share Purchase Agreement for an additional one month, from 31 March 2013 to 30 April 2013.
"Accordingly, the Share Purchase Agreement will terminate if, inter alia, not all of the Conditions Precedent have been fulfilled or waived, as relevant, by 30 April 2013 . As at the date of this announcement, not all of the Conditions Precedent have been fulfilled or waived," UFS said in a statement to the exchange.
They agree that the Further Extension is to negotiate the revised terms for the Proposed Acquisition.
As previously reported, UFS stated in July last year it intended to purchase 67 percent of GEMS issued share capital from DSS and 30 percent from GMR, amounting to S$1.5 billion for DSS and S$693 million for GMR.
DSS, a subsidiary of PT Sinar Mas Tunggal, engages in power and steam generation, coal mining, and trading businesses through 32 direct and indirect subsidiaries.
GMR is a subsidiary of GMR Energy Limited, the flagship company of the energy investments of the GMR Group, one of the largest players in the airport infrastructure sector in India.
The GMR Group has made investments in coal mine assets in South Africa, Indonesia and India, which include its strategic investment in GEMS.
GEMS is a limited liability company incorporated in Indonesia and has been in coal mining and coal trading. GEMS Group is the owner and operator of three coal producing projects in Indonesia, under PT Borneo Indobara, PT Kuansing Inti Makmur and its subsidiaries, and PT Trisula Kencana Sakti.
Editing by Er Audy Zandri