Magna Resources Corporation Pte Ltd acquired 13 million shares at a par value of US$0.25 from Cobar Consolidated Resources Limited, the company which seeks US$3.25 million funds.
Magna, owned by tycoon Prajogo Pangestu, is the ultimate shareholder of PT Barito Pacific Tbk. Ian Lawrence, Managing Director of Cobar Resources, said the company welcome positively Magna while waiting for benefiting chances.
"Magna join us at the right time. The result of the transaction will provide short term funding needs from the company," he said in public expose to the Australian Securities Exchange (ASX).
Based on the regulation, the transaction does not require shareholders approval. Upon the completion of transaction, Magna will own 9.9 percent of Cobar stocks. Prajogo was not available for comment.
Cobar Resources, based in Melbourne, Australia, focuses on the world class silver producer particularly on the Wonawinta silver project development.
PT Barito Pacific Tbk was established in 1979 so-called PT Bumi Raya Pura Mas Kalimantan. The company initially was known as the integrated forest result company. The company was changed into PT Barito Pacific Timber Tbk in 1996, majoring in integrated plywood industry.
The available information on the company website mentions the transformation of Barito Pacific Timber Group into the diversified resource company becomes the important company history in 2007.
One of the key decisions of the transformation is the change of company name, identity, and color of PT Barito Pacific Timber Tbk into PT Barito Pacific Tbk. The company decided to no longer use the word of Timber which reflects the diversification of business line of the current Barito and its development in the future.
Barito Pacific expanded business sector on forestry, petrochemical and property, and plans to develop some business lines such as plantation, mining, and energy into one diversified resource company.
Magna, owned by tycoon Prajogo Pangestu, is the ultimate shareholder of PT Barito Pacific Tbk. Ian Lawrence, Managing Director of Cobar Resources, said the company welcome positively Magna while waiting for benefiting chances.
"Magna join us at the right time. The result of the transaction will provide short term funding needs from the company," he said in public expose to the Australian Securities Exchange (ASX).
Based on the regulation, the transaction does not require shareholders approval. Upon the completion of transaction, Magna will own 9.9 percent of Cobar stocks. Prajogo was not available for comment.
Cobar Resources, based in Melbourne, Australia, focuses on the world class silver producer particularly on the Wonawinta silver project development.
PT Barito Pacific Tbk was established in 1979 so-called PT Bumi Raya Pura Mas Kalimantan. The company initially was known as the integrated forest result company. The company was changed into PT Barito Pacific Timber Tbk in 1996, majoring in integrated plywood industry.
The available information on the company website mentions the transformation of Barito Pacific Timber Group into the diversified resource company becomes the important company history in 2007.
One of the key decisions of the transformation is the change of company name, identity, and color of PT Barito Pacific Timber Tbk into PT Barito Pacific Tbk. The company decided to no longer use the word of Timber which reflects the diversification of business line of the current Barito and its development in the future.
Barito Pacific expanded business sector on forestry, petrochemical and property, and plans to develop some business lines such as plantation, mining, and energy into one diversified resource company.
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