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Wednesday, August 24, 2011

Myoh into mining and coal sector

BI/market
23/8/2011
Irvin Avriano A.
Bisnis Indonesia

Myoh into mining and coal sector

JAKARTA: PT Myoh Technology Tbk, a hotel industry's information technology developer listed company, intend to change its main business into mining and coal in a way acquire US$2 million-capitalized PT Sims Jaya Kaltim.

The intention to buy the South Korean-based Samtan Co Ltd subsidiary is showed in the company's information disclosure yesterday. The data also showed Myoh fund to realize the plan is from the rights issue they already planned before.

But the disclosure do not contain any information related to amount of fund which intend to gathered or the acquisition value. Data showed in internet showed Samtan is a shareholder of PT Kideco Jaya Agung with 49% composition, which shared with PT Indika Energy Tbk.

Kideco and Sims official website shows the 2001-founded company have capital US$2 million, or equivalent with IDR17.09 billion, with Samtan ownership 98% and the rest is hold by Samchully USA.

Right now, the company which commandeered by Dedet Yandrinal is in a process tod ask permission for reverse stock action, that will followed by rights issue.

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