Jardine C&C units to acquire Indonesian gold mining firm for $693m

Jardine Cycle & Carriage (Jardine C&C) on Sept 15 announced that two of its indirect subsidiaries have entered into an agreement to buy Arafura Surya Alam (ASA) for an aggregate consideration of US$540 million (S$693 million).

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Subsidiary Danusa Tambang Nusantara (DTN) will purchase 99.99 per cent of ASA’s total issued share capital from J Resources Nusantara (JRN), while Energia Prima Nusantara (EPN) will buy the remaining one share in ASA and one share of Mulia Bumi Persada (MBP) from Mr Jimmy Budiarto.

The MBP share represents about 0.2 per cent of its total issued share capital, with the remaining 99.8 per cent held by ASA. The two companies will now be indirect subsidiaries of the Jardine C&C group.