Adaro to up stake at BEP

IDX-listed coal miner PT Adaro Energy Tbk said it will increase its shares at East Kalimantan low-rank coal producer PT Bhakti Energi Persada (BEP).

Corporate Secretary Devindra Ratzarwin did not give detail but said Adaro is optimistic that it will become controlling shareholder by the end of this year.

Currently Adaro holds 10.22 percent of BEP?s shares.

BEP is the holding company of seven coal mining companies, which are all located in Muara Wahau district.

BEP is controlled by businessman TP Rachmat, who is also a controlling shareholder at Adaro Energy. (*)