Borneo yet to make binding deal with Posco

By Demas Simbolon

PT Borneo Lumbung Energi & Metal Tbk said that the company would still be open and selectively consider offers from strategic buyers interested in acquiring shares of its subsidiary of Asmin Koalindo Tuhup (AKT).

In its statement to the IDX, the company said that the company would discuss the divestment of AKT share with strategic investors, including to sign confidentiality agreement or Memorandum of Understanding before conducting due diligence.

?During the due diligence process, Borneo Lumbung and AKT would not make a binding commitment to POSCO and other third parties for the sale of some of AKT?s shares,? it said.

Borneo Lumbung plans to sell 20 percent of AKT?s shares to Posco Energy of South Korea to raise funds for the repayment of maturing debts to Standard Chartered Bank.

Editing by Adianto P. Simamora