Tuesday , 9 June 2015
Pipeline Technology
Breaking News

Pan Asia sells 75% interest in Transcoal Minergy to Universal Coal Resources

JAKARTA (rambuenergy.com) – Pan Asia Corporation Limited said that it has entered into an exclusive Heads of Agreement with Universal Coal Resources Pte Ltd of Singapore for the commercial sale of the company’s 75 percent interest in the PT Transcoal Minergy Coal Project in South Kalimantan Indonesia (TCM).

Pan Asia said Universal has agreed to purchase a 100 percent interest in the Company’s 100 percnet owned Singapore subsidiary, Innovation West Mantewe Pte Ltd (IWMPL), owner of the 75 percent interest in TCM for SGD$30 million.

Universal is a special purpose vehicle substantially owned by Indonesian businessman Boelio Muliardi.  Muliardi is a Director of Indonesia Stock Exchange listed company PT Cakra Mineral Tbk,  a listed manufacturer and exporter of Iron Ore and metal. The Company has integrated mining business segments ranging from exploration mining and process marketing.

The parties to the Transaction include Pan Asia, its 100 percent owned private Australian entity Innovation West Pty Ltd (IWPL), IWPL’s 100 percent owned entity IWMPL and Universal.

Universal will undertake a SGX 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.

Upon the successful SGX Catalist listing, Pan Asia will receive shares in Universal to the value of S$30 million at the IPO issue price.

Universal has assumed, prior to completion of the Transaction, the responsibilities including expenses, of obtaining all statutory approvals, including but not limited to the forestry permit, obtaining all relevant contracts, obtaining any high-wall access and undertaking all value-added works, in connection with IWMPL or TCM or as required by SGX (Catalist). (*)

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