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PHI Group Inc Signs Definitive Agreement To Acquire 70% Of Equity Ownership In PT. Tambang Sekarsa Adadaya


Thursday, 3 Jan 2013 08:45am EST 

PHI Group Inc announced that it has signed a definitive agreement to acquire 70% of equity ownership in PT. Tambang Sekarsa Adadaya (TSA), an Indonesian company, in exchange for cash and stock. According to the agreement, PHI Group will pay a total of $5,250,000 in PHI Group common stock and $5,250,000 in cash to TSA, which owns a 9,690-hectare coal concession purportedly with 71,038,925 MT measured coal resources and 205,334,343 MT indicated coal resources in West Sulawesi, Indonesia, for the aforementioned 70% equity stake. Subject to additional technical, legal and financial verifications to be performed by independent professionals, both parties expect to close the contemplated transaction in the latter part of March 2013. 

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