Fortune Phoenix acquires 20% of Inovisi

By Romel S. Gurky

IDX-listed PT Inovisi Infracom Ltd, an investment holding company, which has also interest in coal mines, said that Fortune Phoenix Investment Holdings Ltd has acquired a 20 percent stake in the company.

Inovisi said in a recent statement that its majority shareholder, PT Green Pine, will work closely with Fortune Phoenix to improve corporate governance and the company?s performance. No further details were provided.

Inovisi?s investment in the coal mining sector has been undermined by the current downturn in global coal market. Inovisi new President Director Jan A. Tangkilisan told this portal July 10 that the company was opening the possibility of divesting its coal mines in East and South Kalimantan ?if the price is right.?

Editing by Reiner Simanjuntak