East Kalimantan sets up new company to acquire KPC stake
Tuesday, December 4 2001 - 03:45 AM WIB
The East Kalimantan administration has set up a new company called PT Melati Intan Bhakti Satya (MIBS) to be used as the vehicle to acquire a 51 percent stake in the giant coal mining firm PT Kaltim Prima Coal (KPC).
A source told Petromindo.com that MIBS is jointly owned by PT Intan Bumi Inti Prada (IBIP), and the provincial owned company called PT Melati Bhakti Saya (MBS). IBIP controls 90 percent ownership in the new company which has an initial capital of around Rp 10 billion.
IBIP is owned by businessman David Lim, the nephew of tycoon Liem Sio Liong of the Salim Group. The company?s chairman is Lt. Gen. Mutojib, former chief of Indonesia?s intelligence unit.
IBIP would provide full financing for MIBS which would acquire KPC shares. Under the plan, the East Kalimantan administration would own 10 percent of the 51 percent KPC stake to be acquired by MIBS.(Arri)