Astra eyeing Bayan?s coal assets: Report

JSX-listed diversified conglomerate PT.Astra International Tbk. is eyeing to acquire coal assets owned by Bayan Group, which is controlled by Malaysian national Dato Low Tuck Kwong, Bisnis Indonesia reported in its Thursday edition, quoting an unidentified source.

The daily said Astra is currently conducting due diligence on the assets.

The report did not give further detail, but Bayan Group is known to have several coal mining assets in Indonesia, including East Kalimantan miner PT. GunungBayan Pratama Coal. The group also operates Balikpapapan coal terminal.

Astra, through its subsidiary PT. United Tractors has recently acquired PT. Dasa Jasa Ekatama, a company with coal concession in South Kalimantan, which is expected to produce 3-3.5MTPA of coal and UT is also in the final stage of acquiring coal other coal mines to expand its portfolio. (*)