When PT Bakrie & Brothers Tbk jolted the market with a backdoor listing in the London stock market, Dato's Low Tuck Kwong and Jenny Quantero, two billionaires with their Indonesian coal assets, have made a breakthrough in the Australia stock market.
By entering a share purchase agreement on December 28 with Kangaroo Resources Limited, Bayan Resources will do the same thing with Bakrie did, a backdoor listing!
Tuck Kwong and Jenny Quantero don't transfer or share exchange their assets with Kangaroo Resources, but they will inject Kangaroo Resources with 9 coal concession assets in East Kalimantan with coal resources of 3.8 billion metric tons.
Based on share purchase agreement signed by Bayan and Kangaroo Resources on December 28 2010, Kangaroo Resources will issue new shares, enabling Bayan Resources to control Kangaroo Resources. Bayan, in an official statement to Indonesia Stock Exchange today, has also entered into share sale and purchase agreements with three buyers PT Ilthabi Bara Utama, Prime Mine Resources Limited, Romo Nitiyudi Wachjo, on December 28 2010 to acquire 9 coal consession assets in East Kalimantan.
Jenny Quantero, Bayan Corporate Secretary, said Bayan has agreed to takeover 100% holding in PT Tanur Jaya, PT Apira Utama, PT Cahaya Alam, PT Bara Sejati from Ilthabi Bara Utama and Romo Nitiyudi Wachjo.
Bayan Resources also agreed to buy 99% shareholdings in PT Tiwa Abadi, PT Sumber Api, PT Silau Kencana, PT Orkida Makmur, and PT Dermaga Energi, from Ilthabi Bara Utama, Prime Mine Resources, and Romo Nitiyudi Wachjo.
Based on the exploration data, the 9 coal consession assets have reserves of 116 million metric tons and resources of 3.8 billion metric tons. "We anticipate the acquisitions will be accomplished by end of the first quarter of 2011 after Bayan completes the due diligence," Jenny said.
In November, Tuck Kwong kept buying Bayan shares aggressively last month. In an official statement to Indonesian Stock Exchange, he reported a purchase of 31,000 shares at Rp12,927 per share or Rp400.74 billion.
Disclosure: No position at the stock mentioned above.
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