PT Bhakti Investama's Tbk unit signed an agreement yesterday with PT Titan Mining Resources Investment to acquire eight coal concessions in South Sumatra, the company said in an e-mailed statement.
The eight concessions have potential resources of between 750 million tons and 1 billion tons.
Bhakti Investama readies to sell 10 percent of the capital placement at maximum as from the former issuance scheme of 44.43 percent rights issue. The 10 percent shares here will be divested with a par value of IDR100.
Previous information said Bhakti sought US$570 million funds. In addition to the sell of 10 percent Bhakti stocks, it will seek funding from the US$250 million global bond issuance of PT Media Nusantara Citra Tbk and divestment of 20 percent shares of PT MNCSkyVision (Indovision).
The fund generated from rights issue here will be alltoed as the business expansion capital with a projection of US$250-300 million.
The fund generated from rights issue here will be alltoed as the business expansion capital with a projection of US$250-300 million.
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