Samindo to acquire three mining related companies

IDX-listed mining firm PT Samindo Resources Tbk, formerly known as PT Myoh Technology said that it would soon issue rights shares to finance plans to acquire three companies, Bisnis Indonesia reported.

The three companies which would be acquired include PT Trasindo Murni Perkasa, PT Mintec Abadi, and PT Samindo Utama Kaltim.

In the right issue, the company expects to raise about Rp 601.66 billion

Samindo will spend about Rp 322.35 billion to acquire 99.8 percent of Transindo?s shares from Samtan Co. Ltd. Transindo is a mining contractor based in Paser regency, East Kalimantan.

Samindo will also spend about Rp 14.19 billion to acquire 99.6 percent of Mintec?s shares from Samtan Co. Ltd. Mintec is engaged in the provision of management and business consultation for mining activities.

Meanwhile for the acquisition of 99.67 percent of Samindo Utama?s shares, Samindo Resources would spend about Rp 265.11 billion. Like Transindo, Samindo Utama also operates as mining contractor.

In the prospectus report, Samtan would also become a standby buyer for the new issued shares of Samindo Resources. (*)