JAKARTA. PT Energi Mega Persada Tbk (ENRG) announced its plan to take over 25% stake in Energi Mega Pratama Inc, a subsidiary of Kinross International Group Limited registered in British Virgin Island.
ENRG management explained that the US$ 43.5 million transaction did not require approval from shareholders, because the value was only 21.46% of the company's total equity. The company and Kinross have agreed that the transaction will be carried out at an exchange rate of IDR 14,105 per dollar.
In addition, ENRG Management also assessed that this transaction could improve the company's financial performance. For information, ENRG and Kinross have signed a Conditional Share Sale and Purchase Agreement (CSPA). The signing was carried out on January 19, 2021.
Before this transaction plan was announced, ENRG already owned 50% of Energi Mega Pratama shares. After the share takeover, the company's share ownership in Energi Mega Pratama will increase to 75%. (KR/LM)