PT Duta Pertiwi Nusantara Tbk (JKSE:DPNS) signed a contract to acquire 90% stake in PT Tanjung Alam Jaya from PT Timah (Persero) Tbk (JKSE:TINS) and PT Timah Investasi Mineral for $30 million on November 28, 2014. PT Timah (Persero) Tbk will sell 50% stake comprising 9,375 shares and PT Timah Investasi Mineral will sell 40% stake comprising 7,500 shares under the transaction. PT Duta Pertiwi Nusantara Tbk should pay $1 million no later than December 23, 2014, should pay $1.5 million no later than January 31, 2015, should pay $5 million no later than December 31, 2015, should pay $5 million no later than December 31, 2016, should pay $5 million no later than December 31, 2017, and should pay $12.5 million no later than December 31, 2018. The transaction is subject to approval from Board of Commissioners and shareholders of PT Timah (Persero) Tbk and PT Timah Investasi Mineral. The transaction is subject to approval of shareholders of Tanjung Alam Jaya. The transaction is subject to approval of Ministry of Energy and Solar Resources. The deal is expected to complete in 2015.

PT Duta Pertiwi Nusantara Tbk (JKSE:DPNS) cancelled the acquisition of 90% stake in PT Tanjung Alam Jaya from PT Timah (Persero) Tbk (JKSE:TINS) and PT Timah Investasi Mineral on December 31, 2015.