Aahana Global Resources & Investment Pte. Ltd. will own about 19.9% of Cokal Ltd. by purchasing the company's shares owned by the Platinum funds, which are in receivership and liquidation.

The Karan Group-owned special-purpose vehicle agreed in August 2018 to fully fund the construction and operation of the BBM PCI coal mine, part of the company's BBM coal project in Indonesia, in exchange for a 40% joint venture interest.

Following the share purchase, Aahana intends to participate in the BBM project's development and assist Cokal in arranging the necessary financing facilities for its capital expenditure on the BBM project.

The Karan Group operates two thermal coal mines in Indonesia's East Kalimantan and Central Kalimantan regions.

The agreement is conditional on Aahana being able to nominate two directors to Cokal's board.