Antam Allocate IDR 1.3 Trillion For Herald Acquisition

Antam Allocate IDR 1.3 Trillion For Herald Acquisition

PT Aneka Tambang Tbk will allocating AusD 148.9 million (IDR 1.3 trillion) to acquire Herald Resources Ltd, an Australian mining company.

Total Herald acquisition fund projected at AusD 504 million (IDR 4.33 trillion) and for the rest will be from Shenzhen Zhongjin Lingnan Nonfemet Co Ltd from China, an Antam partner to take over Herald shares.

Antam and Shenzhen had set up Tango Mining Pte Ltd, a joint company to manage both companies share in Herald.

Dedi Aditya Sumanagara President Director PT Antam Tbk (04/18) said Antam had spent AusD 52.5 million to buy 10,72% of Herald share, then we just need to prepare for another AusD 148.9 million, but he further mention that budget allocation could be up until offer deadline on May 6 2008.

The main competitor for Antam to take over Herald is PT Bumi Resources Tbk, Bumi plan to raise its price offer for Herald that is AusD 2.25 per share, meanwhile Antam had offer AusD 2.50 per share and Antam possibly rise up its offer to AusD 3.51 per share.

Previously, Antam had bought 10,72% Herald share and control 20% stake of zinc and lead project in Dairi District, North Sumatra Province.

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