The acquisition of the Indonesian coal deposits is part of the company’s effort to accumulate energy and natural resource properties in the southeast Asia region.
PHI Group said that the consideration for this acquisition will be in cash, unless otherwise agreed by both parties prior to the closing.
PHI Group chairman Henry Fahman said the company looks forward to completing additional technical due diligence and receiving the operation/production license from PT. Bindakar for completion of the acquisition.
"In the meantime we have also investigated other coal and natural resource assets with operation/production licenses and will select those that meet our requirements for acquisition," Fahman said.
