Berau?s minority shareholders have yet to decide on stake offer

The minority shareholders of East Kalimantan-based coal producer PT Berau Coal has not yet given a formal response to the offer of PT Indika Inti Corporindo to buy the latter's 60 percent stake in the coal mining company, Bisnis Indonesia reported on Friday.

The minority shareholders still waited for the 30-day deadline given to them to answer whether or not they were interested in buying Indika?s 60 percent share in Berau Coal, said PT Berau?s marketing manager Singgih Widodo.

Former majority shareholders of Berau Coal, PT United Tractors and UT Heavy Industries, signed an agreement to sell their 60 percent shares in Berau Coal to Indika Inti in late February, this year. The deal was part of the debt settlement of PT United Tractors with its creditors.

Under the agreement, the minority shareholders, local company PT Armadian Tritunggal and Nissho Iwai of Japan are given option to purchase the 60 percent shares from Indika Inti within 30 days from the signing of the sale agreement. (*)