We are proud to announce that ADCO Law has successfully assisted PT Pamapersada Nusantara (PAMA) in the process of signing the Conditional Share Purchase Agreement (PPJB), through PT Danusa Tambang Nusantara (DANUSA), to take over 90% shares of PT Stargate Pacific Resources (SPR) and PT Stargate Mineral Asia (SMA) on Saturday (3/12/2022). Led by Alta Mahandara, Partner at ADCO Law, this transaction was successfully completed by Garry Kuswandi and Raisya Tjahyaningtyas, Legal Counsels at ADCO Law.
Previously, 90% of SPR’s shares were owned by PT Anugerah Surya Pacific Resources (ASPR), and 90% of SMA’s shares were owned by SPR. DANUSA itself is 60% owned by PT United Tractors Tbk (UNTR) and 40% by PAMA.
SPR is a company holding a Nickel Production Operation Mining Business License in North Konawe, Southeast Sulawesi, which has low to high grade nickel reserves. High grade nickel reserves will be processed by SMA as a company holding an Industrial Business License which will develop and build a nickel smelter using Rotary Kiln Electric Furnace (RKEF) technology to produce Nickel Pig Iron (NPI). On the other hand, low to medium grade nickel reserves will be sold to meet domestic needs and future business development.
The management of PAMA and DANUSA said that this corporate action was taken as one of the steps to diversify and expand PAMA’s business into nickel commodities.
“Going forward, PAMA will continue to be committed to developing other businesses to further strengthen its position in the Indonesian mining sector, especially in non-coal related business sectors,” said the Pamapersada Management team on Thursday (8/12/2022).
In addition to assisting PAMA in this acquisition process, ADCO Law has also succeeded in assisting PAMA with the legal due diligence process for four companies that are members of the Stargate Group, namely Stargate Pacific Resources, Stargate Dua Pacific Resources, Stargate Mineral Asia, and Rajawali Sigi Lestari.
“ADCO Law, as a law firm, has been an invaluable resource, providing a unique approach, support, and direction for many PAMA projects. Recently, ADCO Law has helped PAMA to prepare a due diligence report and support in reviewing transactional documents for acquiring 90% shares in PT Stargate Pacific Resources and PT Stargate Mineral Asia. The firm provides excellent service and is almost responsive in all forms of communication. I believe ADCO’s strength has been the ability to make complex projects simple, immersing themselves into my ways of working and providing solutions that both meet my needs and support the company’s long-term goals,” said Daniel M A Siahaan, Corporate Legal Division Head PAMA Group.
“It is an accomplishment for ADCO Law to be involved in a significant nickel commodity transaction. It delights me greatly to have led this transaction with the team involved. A very valuable experience for the firm,” Alta Mahandara, Partner of ADCO Law, stated.
About ADCO Law
ADCO Law earns the trust to represent clients from multinational companies to emerging entities across a wide range of industries to achieve their business objectives in Indonesia.
By combining commercial sensibilities and legal expertise, ADCO Law assists clients to structure, organize, and implement their business ventures and investments, including structuring, financing, and securing investments, as well as establishing new foreign companies in Indonesia. www.adcolaw.com
For further details, please contact:
Alvin Mediadi, Business Development Manager, Indonesia
+628 57 234 89625, email@example.com
Maulidza Oemar, Public Relations, Indonesia
+62 877-7528-1922, firstname.lastname@example.org