Antam acquires 45% holding in Jaya Stainless from Jindal

JAKARTA: PT Aneka Tambang Tbk (Antam) took over 45% holding of JPT Abuki Jaya Stainless Indonesia (AJSI) from Jindal Stainless Ltd.Corporate Secretary of Antam Bimo Budi Satriyo confirmed that the company has signed a deed of sale for share takeover on December 23, 2010."Antam paid the shares takeover on December 22 to Jindal," he said in a public announcement submitted to Indonesia Stock Exchange today.AJSI is a joint venture between the state-owned mining company and Jindal to advance a nickel ore to nickel pig iron (NPI) in North Konawe district, Southeast Sulawesi.Initially, Antam only owned 55% of AJSIs shares and the remaining of 45% shares controlled by Jindal. Now, the Indian-based company finally resigned from AJSI because of its internal consideration. Thus, the share takeover has been approved in AJSIs extraordinary general meeting of shareholders (RUPSLB).Taking over the shares, as Bimo explained, Antam controls 10,000 shares valued IDR9.25 billion. But, Antam has enlarged capital of AJSI to 30,709 shares with a value of IDR28.42 billion, after holding shareholders' general meeting on December 23 2010.Now, as he continued, AJSI is on progress of its feasibility study and construction permit for nickel ore-processing factory. In the future, AJSI is prepared to develop a downstream product of nickel ore commodity. (t01/wiw)

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