Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk agreed to acquire an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million.

Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk (IDX:MDKA) agreed to acquire an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million on January 31, 2022. $52 million consideration comprises: $26 million in cash payable by Merdeka, with $21 million payable upfront and the balance one year later and $26 million payable by Andalan with $21 million being paid up front (to be satisfied by $20 million in unencumbered and tradable Merdeka shares and $1 million in cash), with the balance one year later in cash (subject to any adjustment or cash top-up). The deal is expected to close on February 28, 2022.

Taylor Collison acted as corporate advisor and Thomson Geer acted as legal advisor to Lion Group. On March 2, 2022, Lion Selection Group received $22 million cash, $20 million of Merdeka shares and $10 million deferred cash Due on 28 January 2023.