Aug 20, 2010

Antam controls 99.5% Mega Citra

Publicly listed nickel miner PT Aneka Tambang Tbk (Antam) has finally controlled 99.5% stakes in bauxite company PT Mega Citra Utama (MCU) after completing acquisition of the remaining 20% stales.
In a public announcement submitted to Indonesia Stock Exchange (IDX) yesterday night, Antam Corporate Secretary Bimo Budi Satriyo revealed that its wholly owned subsidiary namely PT Antam Resourcindo has also owned 0.5% stakes in MCU.
Antam had acquired the remaining 20% stakes in MCU from Bram Agustsaputra and David Surya Agung Agustsaputra worth US$605,000.
The acquisition is far below Antam's total equity worth Rp8.15 trillion. Hence, it is not categorized as material transaction.

Disclosure: No position at the stock mentioned above.

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