ANTAM Reconfirmed The Signing Of Conditional Share Purchase Agreement (CSPA) For Purchasing Showa Denko K.K (SDK) Shares In PT Indonesia Chemical Alumina (PT ICA)
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The signing of CSPA is a part of comprehensive purchasing process of SDK’s shares in PT ICA by ANTAM
Jakarta, May 30, 2018 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) reconfirms the news report of signing Conditional Share Purchase Agreement (CSPA) for purchasing 20% of Showa Denko K.K (SDK) Japan's shares in PT Indonesia Chemical Alumina (PT ICA). The signing of CSPA is a part of comprehensive purchasing process of SDK’s shares in PT ICA by ANTAM whereas ANTAM’s shares in PT ICA will be amounted to 100%. The shares purchase transaction is estimated to be completed at the end of August of 2018. The existing shareholders of PT ICA’s currently are ANTAM owns 80% and SDK owns the remaining share of 20%.
Under the CSPA, both ANTAM and SDK agree to provide assistance for restarting operation of the Tayan CGA plant as well as committed to meet the obligation as shareholders of PT ICA in accordance with the proportion of share ownership.
ANTAM’s ownership in PT ICA is a part of implementation of Company’s strategic plan in development of mineral downstream business and supporting the aspiration for having value added creation and downstream industry within the mining sector in Indonesia. ANTAM is confident that through feasible business model, the operation of Tayan CGA Plant will generate positive economic value for the Company and its shareholders. .