J Resources says takeover of Pani gold project still uncertain

From https://www.petromindo.com/

J Resources says takeover of Pani gold project still uncertain:
Saturday, February 15 2020 - 12:06PM WIB
IDX-listed gold mining firm PT J Resources Asia Pasifik Tbk (JRAP) said that realization of a planned takeover of its indirect gold mining subsidiary PT Gorontalo Sejahtera Mining (GSM) by PT Pani Bersama Tambang is still uncertain.GSM, which owns 99.99 percent interest in the Pani gold concession in Gorontalo Province, is a subsidiary of PT J Resources Nusantara (JRN), which is 99.99 percent owned by JRAP. Read also :Merdeka, J Resources form JV to develop Pani gold mineJRAP said in a statement obtained Saturday that a plan by Pani Bersama to acquire shares in GSM remains uncertain whether it would be realized because there are pre-conditions that must first be met by both Pani Bersama and JRN to be able to realize the takeover plan, particularly approval by creditors of JRAP, JRN, and other subsidiaries.The company made the statement in response to a recent announcement in a local newspaper suggesting of an imminent takeover of GSM by Pani Bersama. The company said that the announcement is not true. “We appeal to related parties to disregard the false news in the announcement,” JRAP said.
Editing by Reiner Simanjuntak