Antam allowed to spend more time for examining KPC
Friday, October 18 2002 - 03:57 AM WIB
The government has accepted the request from state mining company PT Aneka Tambang Tbk (Antam) to spend more time to complete due diligence on East Kalimantan-based coal mining giant PT Kaltim Prima Coal (KPC), Suara Karya daily reported on Friday.
The initial plan was that Antam must have finished its work of examining KPC by October 17, while the deadline for the offering of KPC shares is October 31.
Antam and state coal miner PT Batu Batubara Bukit Asam (PTBA) have planned to buy a 20 percent stake in KPC. PTBA is also undertaking due diligence on KPC.
In July, KPC offered 51 percent of its shares to Indonesian investors through the central government, of which 31 percent was to go the East Kalimantan provincial administration, and 20 percent to state enterprises.
KPC, which is equally owned by Rio Tinto and BP Plc, operates a huge coalmine in East Kutai regency in East Kalimantan. (*)