Jul 30, 2011

MIRA disposes Apexindo to Tuscany

PT Mitra International Resources Tbk (MIRA) finally disposes 93.35% shareholding in Sabre Systems International Pte Ltd, losing its precious assets of drilling company PT Apexindo Pratama Duta Tbk, to Tuscany Investment Group Pte Ltd at US$40 million.
Corporate Secretary Imaculata Tri Marianti at Mitra Resources today said the company entered into a sale and purchase agreement on June 28 2011 with Tuscany. 
Referring to the agreement, Tuscany has agreed to acquire shareholding in Sabre System, parent of Apexindo, and a total debt of US659.86 million from Sabre and Mira International Holding.
She said the sale would drag down Mitra Resources' debt and be expected to return its equity into positive. In return, the company's assets would shrink. Mitra Resources owns 93.35% shareholding in Sabre System, which controls 100% stake in Mira International Holding. Mira Internatinal owns 98.14% stake in Apexindo.

Disclosure: No position at the stock mentioned above.

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