Coal FE Resources Limited (ASX:CES) entered into a memorandum of understanding to acquire M/S Premium Enterprise Sdn Bhd for AUD 50 million on November 21, 2012. The consideration shall be paid in cash or stock or loan stock. Coal FE Resources Limited shall conduct a due diligence for M/S Premium Enterprise Sdn Bhd. As of January 29, 2013, Coal FE Resources wishes to advise that the legal due diligence report on PT. Toba Jaya has been completed. The parties have agreed to extend the due diligence period and the conditions period of memorandum of understanding by another two months to facilitate the completion of other due diligence reports. As on March 28, 2013, Coal FE Resources and Premium Enterprise agreed to extend the period of due diligence and conditions fulfillment by two months. The due diligence period will expire on May 31, 2013 and the period for satisfaction of conditions shall expire on June 30, 2013. As on May 31, 2013, Coal FE Resources and Premium Enterprise agreed to extend the period of due diligence to allow the completion of the remaining due diligence reports in June 2013. As on July 2, 2013, the parties have unanimously decided to renegotiate on the consideration.

Coal FE Resources Limited (ASX:CES) cancelled the acquisition of M/S Premium Enterprise Sdn Bhd on January 4, 2014.