Adaro says BEP acquisition not this year
Friday, December 24 2010 - 02:25 AM WIB
Adaro?s corporate secretary Devindra Ratzarwin said that the company is still waiting for the conclusion of the negotiation to acquire BEP. ?We are waiting for the opportunity but not this year,? he said.
In September 2010, spokesman Andre J. Mamuaya confirmed the talks with BEP. He said that Adaro would use its own funds to finance the acquisition.
In January 2010, Jeffrey Mulyono told Petromindo.Com that the company was seeking partners to develop its coal mines in East Kalimantan. Many have approached the firm to become a partner, but it had yet to find a suitable one, he said without giving further details.
BEP has four subsidiaries, namely Persada Multi Bara (PMB), Bumi Murau Coal (BMC), Telen Eco Coal (TEC) and Pesona Khatulistiwa Nusantara (PKN), which have total low-ranked coal reserves of 5.7 billion tons. PKN is now producing, while the other three are still in pre-production stage. (*)