Interchina Holdings (HKG:0202) announced that it entered into a non-legally binding MOU for possible acquisition of 35% of issued share capital of its 65%-owned subsidiary, P.T. Satwa Lestari Permai (SLP).

SLP is principally engaged in mining business and is holder of IUP Operation Production in respect of mining blocks (which are manganese element and mineral prospects) located in the field of Kupang City, Nasantara Timor Tenggara provinces, Indonesia for the period of 20 years.

The mining blocks has estimate aggregate resources of approximately 18.2 million tonnes.

Under the MOU, Interchina will within five working days from the date of the MOU, pay an aggregate of HK$51.1 million as refundable earnest money to the vendors.

Source:chinesestock.org