Banpu gets $395m from ITM?s share sale
Thursday, September 2 2010 - 04:30 AM WIB
Indonesia-listed coal miner PT Indo Tambangraya Megah Tbk (ITM) reported on Thursday that its parent company Thai energy conglomerate Banpu PCL has sold 98.5 million shares of ITM or equivalent to an 8.72% stake for US$395 million.
The transaction is expected to close on 7 September 2010.
After the transaction, Banpu remains the largest shareholder in ITM with a shareholding of 65%.
Proceed from the sales will be used to strengthen Banpu?s balance sheet, it said.
ITM, which is listed at the Indonesian Exchange, is Indonesia?s fourth largest coal producers with 2010 production seen at 23 million tonnes from its Kalimantan mines. (denny)