Agis to acquire gold mine in West Sumatra

By Ruli Setiawan

PT Agis Tbk, an Indonesia-listed company involved in distribution and retail of electronics products, will expand into the country?s mining sector by acquiring a 60 percent stake in a gold mine in West Sumatra.

The company?s Corporate Secretary Mohammad Noor Syahriel said that the company?s newly established subsidiary PT Agis Resources had recently signed a sale and purchase agreement with the owner of the gold mine.

He, however, said that the acquisition was subject to approval from the Investment Coordinating Board (BKPM) and Legal and Human Rights Ministry because PT Agis Resources was jointly owned by PT Agis and Chinese company Fujian Xinjifu Enterprises Group Cp Ltd.

Noor did not unveil the value of the transactions and potential reserves of the gold mine which would be acquired by the company.

Editing by Adianto P. Simamora