The company said it is now engaged in active discussions of a confidential and incomplete nature in relation to two potential alternative transactions as well as being open to a revised bid by Cakra.

The ASX listed entity seeking to merge with Cokal has an experienced board and management and it has conducted technical due diligence investigations of Cokal including site visits and has advised that its diligence enquiries have substantially been completed, the company said.

The entity has advised Cokal that there is a key bid pre-condition (which is not within Cokal's control) and that subject to satisfaction of that condition, it is willing to quickly progress the proposal to finality.

It has been indicated to Cokal that this could occur as early as within four weeks.

Cokal has engaged with BM Intelligence in Guangzhou, China. The interest from BM Intelligence has arisen particularly now that Indonesia has recently become a prime country for Chinese foreign investment.

The preferred structure that has been proposed to Cokal involves the company floating its immediate Singapore subsidiary, Cokal Holdings Pte-Ltd through a Cokal-owned Chinese subsidiary on the Shanghai exchange to raise $US50 million to $100 million.