Resources Global Development to Subscribe for SG$40 Million Worth of Shares in Coal Company; Shares Up 9%

MT Newswires06-04

Resources Global Development (SGX:V7R) plans to subscribe to its pro-rata entitlement of around 111.8 million shares in Indonesia-listed PT Singaraja Putra (IDX:SINI) for around SG$40 million, according to a Wednesday filing with the Singapore Exchange.

Shares of the coal company were up over 9% in Thursday trading.

The company currently has a 15.49% stake in Singaraja through its subsidiary, Batubara Development.

The subscription exercise will enable Singaraja to raise the funds needed to acquire a majority stake in Kemilau Mulia Sakti and to repay existing debt.

The company will now look to convene an extraordinary general meeting to secure shareholder approval.

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