Bakrie to sell stakes in Arutmin Indonesia

JSX listed Bakrie Brothers said on Monday it planned to sell stakes in PT. Arutmin Indonesia by the end of this year as part of the company’s effort to raise US$ 150 million to pay for its debts, Bisnis Indonesia reported Tuesday.

Bisnis quoted a company source as saying that negotiations with potential buyers are continuing. The source, however, did not say the price range the company was seeking for its 20 percent stake.

Bakrie has 20 percent shares in Arutmin, a South Kalimantan based coal-mining company with annual output of around 10 million tones. (*)