Bumi buys stake in HK trading company to sell Arutmin's coal
Monday, March 31 2003 - 05:44 AM WIB
JSX-listed company PT. Bumi Resources Tbk -80 percent stakeholder of South Kalimantan-based coalmining firm PT. Arutmin Indonesia -announced that it had acquired 51 percent stake of Hong Kong-based coaltrading firm Enercorp Limited to manage Arutmin?s coal marketing.
Bumi Resources did not disclose the value of the transaction.
In its report to Jakarta Stock Exchange released Monday, Bumi Resources said Arutmin has the right to sell 25 percent of Arutmin production, while former 80 percent owner Australian resources giant BHP Billiton has the right to sell the remaining 75 percent.
Arutmin is one of the country?s top coal producer, targeting to produce 18 million tons of coal this year. (robert/alex)