East Kutai regency sells back 13.6 percent KPC shares to Bumi

The East Kutai regency has sold 13.6 percent shares in East Kalimantan-based coal producer PT Kaltim Prima Coal (KPC) to a company owned by PT Bumi Resources, the controling owner of KPC, Kompas newspaper reported in its Thursday edition.

While attending a meeting of East Kalimantan regents in Samarinda in connection with the 2004 elections, East Kutai Regent Mahyudin confirmed the sale on Wednesday and said his administration still have 5 percent shares of KPC.

Mahyudin said East Kutai has gained from the sale because it bought last year 18.6 percent KPC shares for US$104 million and sold 13.6 percent shares for the same amount and still has 5 percent shares in its hands.

“So, we have already sold 13.6 percent shares (of KPC) and that’s end of the story,” he said. (*)