Eatertainment completes coal mines acquisition
Wednesday, September 5 2012 - 04:10 AM WIB
PT. Eatertainment International Tbk, an IDX listed firm that is part of Rajawali Group reported that it has recently completed acquisitions of 99.64 percent stake in PT Rajawali Resources and 99.12 percent shares in PT Nagamas Makmur Jaya (NMJ).
With the acquisition, Eatertainment will indirectly hold 85 percent shares in PT Triaryani and 39 percent in PT Internasional Prime Coal (IPC).
NMJ indirectly owns 39 percent stake in IPC, the owner of a coal concession in East Kalimantan which has been in production since 2010. IPC is a joint venture between Rajawali Group and PT Bukit Asam Tbk with a 49:51 ownership composition.
Eatertainment in its statement to the IDX said it would give support for the development of Triaryani mine which would commence production within next year. PT Triaryani is the holder of a coal mining concession in South Sumatra with reserves of 242 million tons
The company added that the divestment process on Eatertainment?s restaurant and entertainment business was under way and was expected to be completed this month.
Once the divestment process is completed, Eatertainment would expand to coal-related business including coal mining, coal trading, heavy equipment rental and supporting business such as hauling road and port management, the company said.
Editing by Adianto P. Simamora