PT Myoh Technology Tbk, a technology information company, plans a back door listing by acquiring coal mining and services PT Sims Jaya Kaltim from Samtan Co Ltd.
In an agenda of extraordinary general meeting submitted to Indonesian Central Securities Depository, Myoh will use proceed from rights issue to support the acquisition.
South Korea's company Samtan owns 49% shareholding in coal miner PT Kideco Jaya Agung, which is also 46% owned by PT Indika Energy Tbk and 5% owned by PT Muji Inti Utama.
However, there is no clear information about the proceed generated from the rights issue. Sims Jaya Kaltim is one of contractors working for Kideco. Sims Jaya's equity is US$2 million. Samtan has partnered with the US-based company Samchully.Sim Jaya, founded on April 1 2001, is represented by Lim Jae Jung with 528 local and five korean employees. In 2003, the company recorded US$19.19 million revenue and US$1.8 million net profit. Prior to the rights issue, Myoh plans to reverse its outstanding shares. MYOH stocks today surged 14% on the backdoor's plan.
Disclosure: No position at the stock mentioned above.
Print This Article