Friday, 9 March 2012

Malaysia Smelting ropes in Indonesian JV partner

KUALA LUMPUR (March 9) : Malaysia Smelting Corp Bhd (MSC) will rope in Optima Synergy Resources Ltd as a joint venture partner to undertake tin mining operations in Indonesia.

In a statement to Bursa Malaysia on Friday, MSC said it has signed a strategic alliance agreement with Optima Synergy, which is owned by Indonesian shareholders.

The deal will allow Optima Synergy to acquire up to 23% of MSC’s wholly-owned subsidiary Bemban Corp Ltd for US$1.38 million, according to MSC. Bemban in turn has a 75% stake in PT Koba Tin which has secured a mining contract from the Indonesian government.

MSC said Optima Synergy will subsequently have the right raise its stake in Bemban to 50% subject to PT Koba getting an extension for its mining contract in Indonesia, and MSC obtaining consent from its shareholders in an extraordinary general meeting. MSC shares rose three sen to close at RM4.25.

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