Australia’s Exalt sets to enter RI after acquiring Odni
The Jakarta Post, Jakarta | Business | Wed, July 25 2012, 4:48 PM
Exalt Resources Ltd., a company listed on the Australia Stock Exchange, said it was prepared to enter Indonesia’s coal business after it officially signed Wednesday an agreement to acquire a Singapore-based investment company.
Exalt said that it had inked the agreement to acquire a 100 percent stake in Odni Holdings Pte. Ltd. The partnership was actually agreed in April, when the two companies came to an understanding that they would build several large portfolios for coal assets in Indonesia.
“We are focusing on Indonesia because we are sure that Indonesia will offer the best opportunities to coal investors,” Exalt’s CEO and managing director, Barry Tudor, said in a written statement.
The company’s initial projects will cover 11 concessions with a total area of 250,000 hectares in South Sumatra.
According to an earlier file submitted to the Australia Stock Exchange, Exalt said that Odni had secured an option to acquire a 50 percent stake in the Pendopo coal area in South Sumatra.
In return for the stake, Odni has made an initial payment of US$10 million and funded an exploration program of up to $250 million as well as paying production- and sales-based royalties of $2 per ton. (rcf/nvn)
