Harry Elias Partnership LLP (HEP) is representing the vendors in respect of their proposed disposal of 95.95% interests in Barito Limited with P99 Holdings Limited, a Catalist-listed company as purchaser under the terms of a sale and purchase agreement signed on 31 August 2015.
Barito Limited, through its Indonesian subsidiaries, owns and operates a 46-kilometre dedicated commodities hauling road located in Kalimantan, Indonesia. The hauling road commences 71 km north of Banjarmasin, Indonesia and ends at the licensed public port load-out area which caters to the infrastructural and logistics needs of several operational coal mines located north of Banjarmasin.
The consideration of US$163.1 million will be satisfied by the allotment and issue of new shares in P99 Holdings Limited to the vendors who will collectively own more than 80% of P99 Holdings Limited upon completion of the proposed acquisition.
The proposed acquisition is expected to result in a reverse takeover and a new listing of the assets of the vendors on the Catalist Board and is subject to, amongst other things, the approval of the Singapore Exchange and the shareholders of P99 Holdings Limited at an extraordinary general meeting to be convened.
HEP Partner Claudia Teo, leads the team.