East Kalimantan ask for more time to realize KPC investment plans
Monday, May 29 2000 - 03:30 AM WIB
The East Kalimantan administration has asked for an additional two months time to realize its intention to buy a 37 percent stake in coal mining company PT Kaltim Prima Coal (KPC), according to senior government official.
Director of coal at the Ministry of Mines and Energy Suyartono was quoted as saying by the Bisnis Indonesia daily that the East Kalimantan government had recently made this request to KPC.
Suyartono said that the Ministry of Mines and Energy had to yet to make a stance on the request. He didn't provide details.
KPC, the largest coal mining company in East Kalimantan, is obliged to divest 37 percent of its stake to Indonesian institutional or individual investor.
The East Kalimantan administration has expressed strong interest to buy the KPC shares. It has said that it plans to join hands with a Jakarta-based private investor called PT Intan to realize its plans. (*)