KTP (HKG:0645) Plans to Pay Further US$4M Deposit to LTE


KTP Holdings (HKG:0645) announced that it has entered into a second addendum with PT Langit Timur Energy (LTE) to supplement certain terms and conditions of the MOU and the first addendum.

Pursuant to the second addendum, the exclusivity period for the negotiations of the possible acquisition of certain equity interests of a target company, which owns certain coal concession with exploration licences, and the coal offtake and marketing agreements shall be extended to 31 May 2012, and KTP shall pay a further deposit of US$4 million to LTE in 2 tranches before 31 May 2012.

According to the MOU, KTP intends to participate with LTE relating to the tender offer for coal off take agreement and acting as a marketing agency in relation to certain coal concessions in Indonesia.


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