Ancora delays acquisition of Raja Kutai

Indonesia-listed firm PT Ancora Indonesia Resources Tbk has delayed its plan to acquire coal mining company PT Raja Kutai Bumi Makmur from its affiliated firm PT Ancora Energy because a number of requirements for the acquisition have not been fulfilled.

"As a public company we have to be transparent,? PT Ancora Resources Tbk president director Dharma Djojonegoro said . He did not elaborate the reasons on the delay of the acquisition. ?It?s delayed but not cancelled while we are looking for an opportunity to acquire other coal mines,? he added.

Dharma said that the US$25 million loan committed by several banks recently for the acquisition plan had not been fully disbursed and would partly be used for the acquisition. He added that the company had approached a number of coal mining companies in East Kalimantan for acquisition. But he refused to name them. (giok)