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Adaro Energy Buys an Additional 46% Stake for US$46 Million to Become the Majority Shareholder in PT Bukit Enim Energi |
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Oleh Administrator
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Kamis, 20 Oktober 2011 10:11 |
Jakarta, Tambangnews.com – PT Adaro Energy Tbk (IDX – ADRO)is pleased to announce that on October 14th, 2011its subsidiary, PTAlam Tri Abadi (“ATA”), signed a deed of transfer sharesto acquirea 46% interest in PT Bukit EnimEnergi (“BEE”) for US$46million from Lucky Star Corporation, Oriental Holdings Ltd., and BrightPath Corporation.Following this transaction, Adaro Energy owns 61.04% of BEE, PT Pamapersada Nusantara (“PAMA”) owns 20%, PT TriputraUtamaSelaras owns 13.92% and PT BumiAlam Sejahtera (“BAS”) owns 5.04%. PAMA, a wholly owned subsidiary of PT United Tractors Tbk., is one of Adaro’s most important and long standing contractors. This acquisition is neither material nora related party transaction.
Adaro Energy’s President Director, Mr. Garibaldi Thohir said: “Our investment in BEE is part of our initiative to builda strong foothold and unlock coal potential in South Sumatra. This acquisition, along with the other two we recently announced, is part ofour commitment to developing coal reserves in the region, while bringing benefit to the local communities.This investment helps us achieve our vision to be a leading Indonesian Mining and Energy Group.”
BEE is a coal mining company developing a greenfield coal project in MuaraEnim, South Sumatra. BEE holds a mining permit (IUP) granted in March 2011 for a period of twenty years that covers an area of ±11,130 hectares. The area contains a network of local roads,whichcomplement Adaro Energy’s recent coal logistics acquisition in South Sumatra.
Adaro Energy conducted a geological due diligence prior to completing the purchase and considers the IUP to have open-cut mining potential. Marston, a reputable international mining consultant, helped perform the geological studies of the coal potential, on which the valuation was based. Additional drilling and coal analysis are required before a JORC compliant statement of Resources and Reserves can be issued. Drilling and coal analysis to support such a statement will be resumed in 2012.
"BEE is one of a number of acquisitions that, together with organic growth, will help Adaro Energy to achieve 80 million tonnes of production per year in the medium term as the company continues to create long-term sustainable value from Indonesian coal." Say Garibaldi.(tn01)
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