Universal to acquire Pan Asia?s TCM coal project
Thursday, June 4 2015 - 01:21 AM WIB
ASX-listed Pan Asia Corporation Limited announced Thursday that it has entered into an exclusive Heads of Agreement with Universal Coal Resources Pte Ltd of Singapore for the commercial sale of its 75 percent interest in PT Transcoal Minergy Coal Project (TCM) in South Kalimantan Indonesia.
Pan Asia said Universal has agreed to purchase a 100 percent interest in the company?s 100 percent owned Singapore subsidiary, Innovation West Mantewe Pte Ltd (IWMPL), owner of the 75 percent interest in TCM for S$30 million.
Universal will undertake a Singapore Stock Exchange Catalist listing, and Pan Asia upon completion of the successful listing will receive shares in Universal to the value of S$30 million at the IPO issue price.
Universal is a special purpose vehicle substantially owned by Boelio Muliardi, a resident of Indonesia. Muliardi has a degree in Business Administration and Finance from the University of Washington, Seattle, USA. Muliardi has had a diverse career, which has included businesses in the property development, retail chain, manufacturing, food and beverage, aircraft leasing, agricultural and healthcare industries.
Muliardi is a Director of IDX-listed PT Cakra Mineral Tbk, a manufacturer and exporter of iron ores and metal zircon sand. The company has integrated mining business segments ranging from exploration mining and process marketing.
Editing by Reiner Simanjuntak