Press Release - Catalist-listed Sky One Holdings enters coal mining business with proposed acquisition of Energy Prima Pte Ltd - deal will result in Reverse Takeover of Sky One and disposal of existing courier and logistics business
Publish date: Fri, 28 Sep 2012, 01:54 PM
Dear Friends,
Sky One Holdings Limited ("Sky One"), a Hong Kong-based total logistics provider listed on SGX-ST Catalist, today announced that it has entered into a conditional sale and purchase agreement to acquire the entire issued and paid-up share capital of Energy Prima Pte Ltd for a purchase consideration of S$400 million, which be fully satisfied by the allotment and issuance of 1.6 billion new ordinary shares in the capital of Sky One to the Vendors of Energy Prima Pte Ltd at S$0.25 each.
Energy Prima Pte Ltd is a Singapore incorporated investment holding company which owns 80% of the issued share capital of PT Pilar Mas Utama Perkasa ("PMUP"), which in turn owns 99.8% of PT Rinjani Kartanegara ("PT Rinjani") (collectively, the "Acquisition Target Group"). Both PMUP and PT Rinjani are Indonesia incorporated companies engaged in the business of coal mining. The mining concession of the Acquisition Target Group comprises an area of approximately 1,933 hectares in East Kalimantan, Indonesia, of which only 283.49 hectares have been explored so far. In addition to the Purchase Consideration, up to a maximum of 600 million new shares in the capital of the Company may be issued when certain performance targets are achieved by PT Rinjani.
The Proposed Acquisition will result in a Reverse Takeover of Sky One and is therefore subject to the Company's shareholders' approval at an extraordinary general meeting to be convened.
In connection with the Proposed Acquisition, the Sky One has also entered into a conditional sale and purchase agreement with its Chief Executive Officer and controlling shareholder, Mr Dicky Suen Yiu Chung, for the proposed disposal of all of Sky One's existing businesses (excluding PT Energy Indonesia Resources and any shares in it held by Sky One Network (Holding) Ltd) by way of the sale to Mr Suen of all the shares in the issued and paid-up share capital of Sky One Network (Holding) Ltd for a total purchase consideration (subject to adjustments, depending on when the completion of the Proposed Disposal occurs) of approximately S$6.9 million ("Disposal Consideration").
Attached is the media release and announcement for your perusal and we hope that you consider running a story on this exciting development of the Company.
Thank you.
Best Regards,
Sky One Holdings Limited ("Sky One"), a Hong Kong-based total logistics provider listed on SGX-ST Catalist, today announced that it has entered into a conditional sale and purchase agreement to acquire the entire issued and paid-up share capital of Energy Prima Pte Ltd for a purchase consideration of S$400 million, which be fully satisfied by the allotment and issuance of 1.6 billion new ordinary shares in the capital of Sky One to the Vendors of Energy Prima Pte Ltd at S$0.25 each.
Energy Prima Pte Ltd is a Singapore incorporated investment holding company which owns 80% of the issued share capital of PT Pilar Mas Utama Perkasa ("PMUP"), which in turn owns 99.8% of PT Rinjani Kartanegara ("PT Rinjani") (collectively, the "Acquisition Target Group"). Both PMUP and PT Rinjani are Indonesia incorporated companies engaged in the business of coal mining. The mining concession of the Acquisition Target Group comprises an area of approximately 1,933 hectares in East Kalimantan, Indonesia, of which only 283.49 hectares have been explored so far. In addition to the Purchase Consideration, up to a maximum of 600 million new shares in the capital of the Company may be issued when certain performance targets are achieved by PT Rinjani.
The Proposed Acquisition will result in a Reverse Takeover of Sky One and is therefore subject to the Company's shareholders' approval at an extraordinary general meeting to be convened.
In connection with the Proposed Acquisition, the Sky One has also entered into a conditional sale and purchase agreement with its Chief Executive Officer and controlling shareholder, Mr Dicky Suen Yiu Chung, for the proposed disposal of all of Sky One's existing businesses (excluding PT Energy Indonesia Resources and any shares in it held by Sky One Network (Holding) Ltd) by way of the sale to Mr Suen of all the shares in the issued and paid-up share capital of Sky One Network (Holding) Ltd for a total purchase consideration (subject to adjustments, depending on when the completion of the Proposed Disposal occurs) of approximately S$6.9 million ("Disposal Consideration").
Attached is the media release and announcement for your perusal and we hope that you consider running a story on this exciting development of the Company.
Thank you.
Best Regards,
Labels: Resources Prima
Discussions
Be the first to like this. Showing 6 of 6 comments
Obviously it will jump upwards otherwise there is no good reason for reverse take over. Investors follow trend and this should be a good stepping stone for unexplored mining in Kalimantan.
Others are merely merging and aquisiting another company but their core business is stagnent. U can find a few of them in the last few years. One indication is that the major combined shareholders own more than 51% shares and in the process they stagnate until SGX put them into the watch list ( i.e all SGX can do)
My 2 cents worth for over decades of trading practices.
2012-09-30 12:55
It's meeting strong resistance at 325. How much is it worth if there is a reverse takeover, anyone??
2012-10-16 19:20
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How would this affect the share price of Sky One with this takeover?
2012-09-29 12:37