BP confirms disposal of KPC shares
Monday, July 21 2003 - 03:43 PM WIB
Anglo-American energy giant company BP announced Monday it had agreed to sell a 50 percent interest in coal mining company PT Kaltim Prima Coal (KPC) to local firm PT Bumi Resources.
?Bumi Resources will purchase BP and Rio Tinto's interests in KPC together for $500million in cash, including assumed debt, which will be divided equally between BP and Rio Tinto,? BP said in a statement to the London Stock Exchange.
According to the statement, the financial advisor on the transaction is JP Morgan, while Linklaters is acting as legal counsel to BP on the sale.
Subject to approval by PT Bumi Resources shareholders and other necessary approvals, the parties anticipated completion of the deal in October 2003, the statement said.
BP's shareholding in KPC is its only interest in coal operations worldwide. (robert)