Lebong Tandai ready to complete Avocet takeover

JAKARTA: PT Lebong Tandai, a subsidiary of Merukh Enterprises, is ready to complete the share purchase payment of 80% Avocet Mining Plc assets in Indonesia and another 100% assets in Southeast Asia particularly gold mining in Penjom Malaysia valued at
Wandrik Panca Adiguna | 27 Desember 2010 06:59 WIB

JAKARTA: PT Lebong Tandai, a subsidiary of Merukh Enterprises, is ready to complete the share purchase payment of 80% Avocet Mining Plc assets in Indonesia and another 100% assets in Southeast Asia particularly gold mining in Penjom Malaysia valued at US$250 million.

Manager Government and Public Relations Merukh Enterprises Alexander Yopi said that Avocet has submitted the purchase settlement structure of its assets in Indonesia and Malaysia to Lebong Tandai."We have agreed on the purchase settlement structure and obtained loan money from one of bank in Singapore to realize the immediate purchase settlement of Avocet assets," Yopi said in a release this morning.Furthermore, Yopi said Merukh has approved the proposed payment structure and informed Avocet management that Singapore-based financial institution along with Boustead Singapore Ltd had agreed to help Lebong Tandai in completing the purchase settlement of its assets in Indonesia and Malaysia in accordance with the schedule proposed.We are currently waiting for response from Avocet management to immediately realize the payment. Until this moment, Avocet hasnt responded upon the readiness of Lebong Tandai," he said.Previously, the management of Avocet Mining Plc and Lebong Tandai in the same position as the shareholders of Avocet Bolaang Mongondow have agreed to purchase and sell 80% of Avocet assets in Indonesia and 100% of Avocet assets in Penjom Malaysia valued at US$250 million.The agreement was achieved at the General Meeting of Shareholders (RUPS) on April 26, 2009, which also decided that Avocet would sell all of its assets that are spread across the world to Lebong Tandai. (t06/wiw)

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