Tuesday, July 24, 2012

Intrepid uncovers new shareholders in Indonesian 'partner' - Adaro link possible

Intrepid Mines has disclosed the probable identities of the new Indonesian shareholders of its wayward JV ‘partner’, PT Indo Multi Niaga.

According to the company’s statement, “enquiries made at the Indonesian Ministry of Law and Human Rights revealed that the following additional individuals and entities were listed as shareholders of IMN” as at 12 June 2012:

  • PT Cinta Kasih Abadi 
  • PT Selaras Karya Indonesia 
  • Andreas Tjahjadi 
  • Rahmad Deswandy. 

Intrepid warns that is not able to give any assurance as to the accuracy of this information, as “the publicly available information is sourced from filings which are the legal responsibility of the Directors of IMN, and there is no assurance that these filings are correct or current.”

Only one is recognisable to AJM: Andreas Tjahjadi, who is President Commissioner of PT Mitra Investindo Tbk, an IDX-listed granite miner. He is also a director of the SDX-listed Seroja Investments Limited which controls the shipping of PT Adaro Indonesia’s coal and which is chaired by Edwin Soeryadjaya (also chairman of Adaro and Saratoga Capital Investment).

We find it interesting that PT Mitra Investindo Tbk’s CEO has been stated as Kumari, who is also Finance Director of Seroja and an advisor to Saratoga.

Intrepid’s statement acknowledges that it is yet to “establish discussions with both the new and original IMN shareholders.”

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