Australian resources-based company Adavale Resources Limited and Adavale Indonesia Pty Ltd have agreed to acquire 100% stakes in PT Prima Perkasa Abadi.
Adavale has acquired stakes in Prima Perkasa Abadi from three individual sellers namely Sunoto, Arman, and Zukriyansyah.
After the acquisition, Adavale Resources will control 90% stakes in Prima Perkasa Abadi, headquartered in Padang, Sumatra, and Adavale Indonesia Pye Ltd to own the remaining stakes.
In 2009, Adavale acquired the rights to two thermal coal projects, Tapan and Jambi, in Sumatra Indonesia from PT United Mining and Engineering Services and is currently finalizing full acquisition of the United entities in Australia and Indonesia.
Disclosure: No position at the stock mentioned above.
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