Aahana Global Resources & Investment Set to Acquire Considerable Stakes in Cokal Limited

  • Jan 16, 2019 AEDT
  • Team Kalkine
Aahana Global Resources & Investment Set to Acquire Considerable Stakes in Cokal Limited

On 16 January 2019, Aahana Global Resources & Investment Pte Ltd (AGRI) has entered into a conditional agreement to acquire a considerable interest in Cokal Limited (ASX: CKA) through the purchase of shares and options which are currently owned by the Platinum funds (in receivership and liquidation). On completion of the AGRI Agreement, AGRI will hold approximately 19.9% (diluted basis) of Cokal Limited.

Cokal Limited is Australian listed coal miner with exploration projects across Indonesia (four projects in Central Kalimantan and one project in West Kalimantan), Tanzania (JV with Tanzoz Resources) and Mozambique (agreement with the Mozambique Government Mining Corporation).

The agreement is conditional on the consent of the Cokal Ltd board being able to nominate two directors to the board of Cokal Ltd and its Indonesian subsidiaries. The Board of Cokal Ltd has advised AGRI in writing that it consents to these board appointments, subject to AGRI acquiring the said substantial interest.

AGRI will not only purchase shares in Cokal Ltd but is also expected to contribute their expertise in operating remote coal mines in Indonesia, in the development of its BBM project.

AGRI also intends to extend assistance (no binding agreements) in arranging the necessary financing facilities for its capital expenditure on the BBM project and is currently in the process of completing its due diligence on the BBM mine and quality as well as the logistics chain and legal requirements.

As stated by Cokal’s Board Chairman, Domenic Martino: This is a noteworthy landmark in the development of the BBM mine with a strong, substantial shareholder with industry experience offering great potential for the early development of production at the BBM mine site.

On 5 December 2018, the company announced receiving a fourth funding payment of USD 500K from the BMA group (Pt Bara Mineral Asri and its affiliates), totalling to USD 2 million till date. The company will not be supposed to repay the funding provided it supplies 200k tonnes of coal to the BBM mine site within nine months.

Cokal Limited recorded a Net Loss After Tax of $7.80 million for the year ended 30 June 2018 as compared to $11.85 in the previous year. Loss per share stood at 1.18 cents per share as compared to 2.02 cents in the previous year. The company raised $1.7 million in cash by issuing approximately 53 million shares during FY18. Net Assets of the group declined from $9.46 million in FY17 to $6.73 million in FY18. Net Liabilities of the group increased from $15.83 million in FY17 to approx. $20 million in FY18.

Stock performance: The shares of Cokal Limited closed the day’s trading session at A$0.049, up by 6.52% as compared to the previous close of A$0.046. With a performance change of 19% since its inception, the company’s stock has generated a return of 21% over the last six months.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK