Dec 20, 2011

Rajawali acquires 19.9% stake Indo Mines

Rajawali Group, controlled by Indonesian mogul Peter Sondakh, acquired 19.9% stake an Australia-based company namely Indo Mines Ltd worth US$13.2 million, allowing Rajawali to develop iron ore project at PT Jogja Magasa Iron.According to a disclosure filed by Indo Mines to Australia Stock Exchange, Rajawali took over 57.3 million shares in Indo Mines at US$0.23 a share.
Managing Director Darjoto Setiawan at Rajawali Corporation said Rajawali's take over will control portfolio of Indo Mines. 
"We decided to buy Indo Mines as it is a good investment opportunity, while Indo Mines also controls Jogja Magasa Iron. The take over is reflecting our commitment to develop investment in Indonesia," he said as quoted by Bisnis.com today.
About 30% of Jogja Magasa Iron is also owned PT Jogja Magasa Mining. Jogja Magasa Iron, located at Kulonprogo, plans to allocate US$1.3 billion.  

Disclosure: No position at the stock mentioned above.

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