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Asiamet Resources updates on BKM copper project sale process

The firm previously agreed to sell its subsidiary Indokal to private company PT WIN for US$163.4mln

Asiamet Resources - Asiamet Resources updates on BKM copper project sale process

Asiamet Resources Limited (LON:ARS) has updated investors on the BKM copper project sale process.

The firm said that, since signing the sale and purchase agreement, it has continued to work closely with PT Wasesa Indo Nusa (PT WIN) to progress preparations for the IPO of PT WIN on the Indonesian Stock Exchange in early 2021.

READ: Asiamet Resources receives key approvals for BKM copper project

However, the initial payment of US$2.5mln that was due and payable within 10 days of signing the deal is yet to be received by Asiamet, so it has been seeking formal clarification from PT WIN on the proposed timing for receipt of the initial payment and received formal advice from PT WIN requesting consideration of amendments in relation to the payments schedule agreed under the deal.

Asiamet said it is carefully considering its position in relation to the proposed amendments and plans to formally respond to PT WIN once in a position to do so.

Asiamet added it remains confident of completing this important transaction with PT WIN and will advise the market of any developments as soon as it is practically possible to do so.

Should any material amendments be agreed by the parties in relation to the agreement terms, appropriate consideration to defer the shareholder meeting as announced on December 30 will be given following consultation with the regulatory authorities.

On December 24, the AIM-listed company signed an agreement to sell its subsidiary Indokal, the owner of the BKM copper project in Indonesia, to private company PT WIN for US$163.4mln.

Quick facts: Asiamet Resources

Price: 2.225 GBX

AIM:ARS
Market: AIM
Market Cap: £32.8 m
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