CNKO denies report on coal mining acquisition plan
Wednesday, July 18 2007 - 01:43 AM WIB
Publicly listed firm PT Central Korporindo Internasional Tbk. denied a report that it would acquire a coal mining firm, saying that the report was not true but it would only seek a new coal area, the company official said.
“In the future, the company will try to seek a new coal area in a bid to meet the coal supply need from its coal-fired power plant,” CNKO’s corporate secretary Jafar Chan said in its report to the Jakarta Stock Exchange on Tuesday.
Earlier report said that Cenko would acquire a coal mining firm next year, with an investment of over US$160 million. The move will be taken after the firm completes the construction of its 11.6 MW coal-fired power plant in Pangkalan Bun in West Kalimantan province, 28.8 MW Rengat in Riau Islands province and 21.3 MW Tembilahan in Riau Islands province. The firm has promised to finish the construction of the plants in 2008
The report said that the coal mining firm to be acquired was expected to supply the coal needs of Central Korporindo's coal-fired power plant. (denny)