Borneo Indobara tries to sell stake
Monday, November 10 2003 - 03:05 AM WIB
Owner of South Kalimantan-based coalmining firm PT.Borneo Indobara is looking to sell 75 percent stake at the company to prospective buyers to enable it to carry on with mine development, a government source said.
The source, who preferred to be anonymous said that the company had been asking for US$18.75 million for 75 percent stake, but thus far, no had found no serious potential buyer.
The source said the share offered originally belonged to Thai utility firm EGCO Ltd, which decided to quit the project due to poor quality reserves.
Borneo Indobara has around 100 million tons of mineable deposit, but most of them are low calorific value. (alex)