ATPK to divest 5 troubled mining units this year
Thursday, June 28 2012 - 10:25 AM WIB
IDX-listed PT ATPK Resources Tbk has stated it is planning to divest shares in 5 mining units this year, losing three coal mining concessions and one nickel concession.
The five companies are the subsidiary of a company acquired by ATPK in 2006, PT Modal Investasi Mineral (MIM), namely PT Sarana Mandiri Utama (coal), PT Damanka Prima (coal), PT Tuhup Coal Mining (coal), PT MIM Coal Power (coal/paper company) and PT MIM Nikelindo (Nickel).
?We're divesting our shares in these companies to be able to focus our coal business through our subsidiary PT Mega Alam Sejahtera,? said ATPK Resources Director Albert Bangun in Jakarta, adding that the five companies also have their concessions still not declared clean and clear.
?Sarana Mandiri Utama's concession, for example, is overlapping with other mining concessions after the expansion of Tana Tidung regency, as the regent released IUPs in the area," he said, without disclosing the expected results of the divestment, though not expecting too much.
"Problems related to each concession becomes a key consideration in deciding the divestment prices. What's certain is that the offered prices should at least be in par with our first investment value when acquiring these companies in 2006," he said, adding that the divestment will be done immediately.
Editing by Audy Zandri