At almost the same time, the company also divested its 99.99% stake in PT Horizon Agro Industry, a subsidiary engaged in the plantation. Value of the share sale transaction reached USD 750 billion.
This action is considered a material transaction in accordance with the regulations of Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK) No. 9.E.2. But until now the capital market is not yet the referee gave the blessing because there are no documents from CKRA kelanggapan.
"We are awaiting additional information from them. There are some completeness, as had been arranged," said Chief of the Bureau of Real Sector PFM Bapepam-LK, Anis Baridwan in Jakarta, Tuesday (27/12/2011).
After the complete requirements, approval was obtained. These results are then presented to shareholders in the extraordinary General Meeting of Shareholders scheduled to be held on 30 December.
"In the new gms later, shareholders are entitled to. It's worth or material transaction was not done. If from our side, want to open information," he said.
Director CKRA Yudhi Yasmie Asmara itself convey, talks continue between the company with Bapepam-LK. December 30, the target company in order to Bapepam to give such permission.
Yudhi promised, if CKRA into general trading and mining company, the company's performance will be better. Where there berkelanjuta income from iron ore business is partly aimed at export markets.
"Certainly the changes will be better. So we planned to do the AGM on 30 Desemeber," added Yudhie.
Improved performance expectations based on their new subsidiary, PT Indo Persada Mine which has produced 24 326 mt of iron ore through September.
"We expect the new subsidiary, PIT capable of production up to 42 thousand mt by 2017. IUP PIT has the form of iron ore DMP covering 2936 ha and is located on the River Nagari Turmeric, district. Sangir cowboy Bali, West Sumatra," said Yudhie.
From the results of management research conducted in 2010, iron ore reserves in Nagari PIT reached 1.827 million mt (excavated area) and 3.636 million mt (area exploitation). So the total reserves reached 5463 million mt.
"But the conservative management of reserves estimates 2.34 million mt of iron ore, because it has not done carefully measured reserves, the management estimates the reserves of iron ore reached 2.34 million mt," he said.
"We also plan to acquire other companies to improve corporate performance. But we can not convey. Later when it's more obvious in-disscole," he concluded.