Eatertainment to become coal miner
Thursday, June 14 2012 - 03:05 AM WIB
PT Eatertainment International, an IDX-listed firm that is part of Rajawali Group, plans to change its core business from restaurant and entertainment business to coal mining.
Under the plan, which was revealed in a public expose on Friday, Eatertainment will spin off its restaurant and entertainment business and acquire two companies within the Group operating in the coal mining sector.
Eatertainment will take over 99.12 percent stake in PT Nagamas Makmur Jaya (NMJ) from PT Rajawali Corporation for Rp146 billion. It will also carry out equity participation on PT Rajawali Resources (RR) that will lead Eatertainment to eventually own 99.64 percent stake in the company at the cost of Rp137 billion.
NMJ indirectly owns 39 percent stake in PT Internasional Prima Coal (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 PTBA with a 49:51 ownership composition.
RR meanwhile has 85 percent stale in PT Triaryani, the holder of a coal mining project in South Sumatra with reserves of 242 million tons.
Eatertainment will hold a rights issue worth Rp410 billion to finance the expansion drive.
Editing by Dadan Wijaksana