Singapore-listed Hartawan Holdings Ltd. said on Monday it plans to buy an Indonesian gold mining firm in a reverse takeover deal worth S$300 million ($242 million) that would see the firm get new controlling shareholders.

Hartawan plans to issue 1.5 billion new shares at S$0.20 each in exchange for Wilton Resources Holdings. This will result in Wijaya Lawrence and Ngiam Mia Je Patrick, the owners of Wilton, getting a combined stake of about 68.8 per cent of Hartawan's enlarged share capital.

The issue price is a 68 per cent premium to Hartawan's last traded price of S$0.119 on Oct 27, Hartawan said in a statement.

This proposed acquisition gives us an exciting opportunity to transform Hartawan from a property leasing and management and hospitality group into a gold mine owner and producer, said Hartawan Executive Chairman Winstedt Chong.

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