Ancora cancels a coal mine acquisition plan

Indoesian-listed coal miner PT Ancora Indonesia Resource Tbk has finally withdrawn its plan to acquire coal company PT Raja Kutai Bani Makmur in East Kalimantan as the latter failed to meet requirements proposed by Ancora, the company said.

Finance Director Aulia M. Oemar confirmed the cancellation, saying it was made after Raja Kutai failed to comply with the condition proposed by Ancora.

?We are looking for (to acquire) another coal miners," Aulia said as quoted by Kontan.

PT Ancora Indonesia Resources launched the conditional sales and purchase agreement with its affiliated firm PT Ancora Energy to acquire the Raja Kutai last year. The Ancora Indonesia Resources Tbk however delayed the acquisition in December as Raja Kutai reportedly failed to comply with performance transparency condition terms of the agreement.(*)