East Kalimantan demands KPC to divest 51 percent stake by 1st quarter 2001
Saturday, October 28 2000 - 04:00 AM WIB
East Kalimantan maintained its earlier demand that coal mining giant Kaltim Prima Coal (KPC) must sell up to 51 percent of its stake to the provincial administration at the latest by the first quarter of next year.
Speaker of the provincial parliament Djarwo Putro was quoted by the Jakarta-based Kompas daily as saying that KPC must divest 44 percent stake this year and another 7 percent in the first quarter of 2001.
KPC is obliged to divest its stake this year according to its contract with the government. But the company has been in disagreement with the local administration in translating the contract and the amount of shares to be divested this year.(*)