ATPK to complete divestment of 7 second-tier subsidiaries this year
Wednesday, May 29 2013 - 02:19 AM WIB
IDX-listed coal miner PT ATPK Resources Tbk has set a target to complete the divestment of seven second-tier subsidiaries this year, said company Director Albert Bangun.
So far, the company has completed the divestment of one second-tier subsidiary called Damanka Prima, and is about to complete the sale of Tuhup Coal Mining, he added.
?The (divestment) process for Damanka Prima has been completed, while for Tuhup it?s in the process of signing the sales and purchase agreement with the buyer,? Albert told Petromindo.com Tuesday.
The other five second-tier subsidiaries include PT Sarana Mandiri Utama, PT MIM Nikelindo Mulia, PT MIM Coal Power, PT Wahana Bumi Mulia, and PT Energi Gabus Pratama.
?For our other second-tier subsidiaries such as MIM Nikelindo Mulia, MIM Coal Power, and Wahana Bumi Mulia, we?re still looking for buyer candidates. Because the companies are no longer in operation, it?s rather difficult to sell them,? Albert said.
ATPK began the divestment process of the seven second-tier subsidiaries last year. The company has a 3,274 ha of coal concession in Berau Regency, East Kalimantan, managed by subsidiary PT Mega Alam Sejahtera (MAS). The concession is targeted to produce 1.5 million tons of coal this year.
Editing by Reiner Simanjuntak