CORRECTION: Bakrie not vying for KPC shares: Official

The Bakrie Group is not interested in purchasing a controlling 51 percent stake in the East Kalimantan-based coal mining giant PT Kaltim Prima Coal (KPC), according to the group?s spokesman Lalu Mara Satriawangsa.

He was referring to speculation that Bakrie was behind PT Bumi Resources, which is one of the bidders for the KPC stake.

Lalu said that Bakrie?s ownership in PT Bumi Resources is only 2.12 percent.

KPC is obliged to divest up to 51 percent stake to the government or local investors. So far, there has been five bidders competing for the stake including PT Batu Bara Borneo Batuah, PT Nusantara Energi, PT Inti Bumi Intan Persada, Bumi Resources, and PT Bhakti Melati Satya, a company owned by the East Kalimantan provincial administration.

Meanwhile, a source said that Nusantara Energi, which is owned by retired army general Prabowo Subianto, may have the financial backing of Middle East businessmen. Prabowo has been living in the region for the past couple of years. (Amoros)