ASL Energy sells stake in E. Kalimantan mine

Singaporean marine firm ASL Marine Holdings Ltd said its associated company ASL Energy will be disposing its entire 50.2 percent shares in Tabang coal mine in East Kalimantan to Carbonic International Trading Limited; a member of the Bayan Resources Group of companies which is controlled by Dato? Low Tuck Kwong.

Bayan Group is already indirectly a 49.2 percent shareholder in Tabang.

ASL said that Bayan Group would pay US$10.5 million for the transaction.

ASL said that since the beginning of 2006, mining operations at Tabang have been adversely affected by increasing difficulty of access to the coal loading facilities.

The company said in August 23 release that with the sale, ASL Energy Group will focus on its shipchartering operations. As at 30 June 2007, ASL Energy has 32 tugs and 32 barges engaged mainly in coal Transportation in Indonesia and a 65,000-dwt floating coal terminal in East Kalimantan.

Bayan Group has joined with Australian firm White Energy Company to build a 5 MTPA coal upgrading facilities in Tabang. (alex)