Banpu formally acquires Centralink

Thailand?s energy conglomerates Banpu Plc. Said on Tuesday that the company, through its Singapore based subsidiary had formally acquired stake in Indonesian company, which control shares of four Indonesian, based coal-mining firms called Indocoal.

In 2001 Banpu Mineral (Singapore)Pte. Ltd had entered into a joint venture agreement (JVA) with PT Cenralink Wisesa, a local company which won the bid to acquire Indocoal from Indonesian Banking Restructuring Agency (IBRA). Under the JVA Banpu provided Centralink and its parent company US$ 52 million in convertible bond in return of an option to acquire up to 95 percent stake in Centralink.

Banpu said it exercised the option by acquiring 95 percent shares in Centralink after Indonesian Investment Coordinating Body approved the conversion of status of Centralink from domestic investment firm to foreign investment firm.

Centralink now owns the 4 coal mines in Indonesia or Indocoal through the Indonesian companies comprising, PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Barasentosa Lestari and PT Kitadin Corporation. (alex)