SINGAPORE (Yosefardi) – PT Federal International, subsidiary of Federal International (2000) Ltd, has entered into a conditional sale and purchase agreement with PT Geo Link Nusantara to acquire a 1,000 HP Brewster N-85 land drilling rig.
Federal agreed to pay a consideration of US$10.37 million for the rig, which will be satisfied by Federal through the set-off of an aggregate US$7.68 million owing by Geo Link and its affiliate, PT Dharma Agung Sejati, to Alton International (S) Pte Ltd. Alton is subsidiary of Federal International (2000) Ltd.
The balance of US$2.69 million will be paid through the issue of new shares of Federal International (2000) Ltd at S$0.1 per share.
The issue price represents a 291 premium to the average price of S$0.0256 per share today.
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