East Kutai sells shares in KPC

East Kutai regency administration through its subsidiary PT. Kutai Timur Energi (KTE) had sold its 5 percent stake in East Kalimantan coal miner PT. Kaltim Prima coal (KPC) to a company called PT. Minang Jordanindo (MJ) for US$62 million.

KTE CEO Anung Nugroho said on Tuesday that payment for the transaction would be completed by the end of the year after due diligence would be completed.

MJ, according to Anang, had paid US$ 3.1 million to KTE.

KPC, one of Indonesia?s largest coal mine, is 95 percent owned by JSX-listed energy firm PT. Bumi Resources Tbk. (godang)