Pribadi raise Amcol stocks

Pribadi raise Amcol stocks

SINGAPORE (Reuter): Indonesian tycoon Henry Pribadi said he would buy 20 million Amcol Holdings Ltd shares from former Amcol managing director Kang Hwi Wah.

Pribadi, who currently holds 26 million shares or 8.86 percent of Amcol, said he had entered into an agreement to buy the shares at Singapore $5.0 each from Kang in three tranches over the next four months.

Pribadi will buy five million shares on Aug.25, another five million on Oct. 25 and 10 million on Nov.27.

The 20 million shares represent 6.82 percent of the issued share capital of Amcol.

On completion of the purchase, Pribadi will be the single largest shareholder in Amcol with a 15.68 percent stake.

Kang will be left with 6.67 percent or 19.92 million shares after the sale.