GEMS sets up two new indirect subsidiaries

IDX-listed coal mining firm PT Golden Energy Mines Tbk (GEMS) announced Thursday it has set up two new indirect subsidiaries called PT Kuansing Inti Sejahtera (KIS) and PT Bungo Bara Makmur (BBM).

GEMS said in a statement that KIS was set up together with subsidiary PT Kuansing Inti Makmur (KIM). BBM was set up by KIM and PT Bungo Bara Utama (BBU), an indirect subsidiary of GEMS. No further details were provided.

GEMS this year aims to produce 14.35 million tons of coal, of which around 80 percent to be produced by its South Kalimantan subsidiary PT Borneo Indobara, and the remainder by Jambi subsidiary PT Karya Inti Mining. The company, which is part of the Sinar Mas Group, plans to sell 15.38 million tons of coal to both domestic and export buyers this year.

Editing by Reiner Simanjuntak