Golden Eagle to acquire 100% shares in coal mine, port operator

By Thomas R. Sembiring

After acquiring about a third of shares in a South Kalimantan coal miner, and a Central Kalimantan port operator recently, IDX-listed PT Golden Eagle Energy Tbk said it aims to fully acquire the two firms within the next nine months.

?My target is (to complete the acquisition of 100 percent shares) in six to nine months,? said President Director of Golden Eagle Hendra Surya on Wednesday.

Golden Eagle through its indirect coal mining subsidiary PT Internasional Prima Coal (IPC) had signed a share transaction agreement dated May 28, 2015 to acquire 34.17 percent stake in coal miner PT Tabalong Prima Resources (TPR) and 34.17 percent stake in coal port operator PT Mitra Hasrat Bersama (MHB) for a total transaction value of US$12.3 million.

Golden Eagle has an effective 39 percent stake in IPC through subsidiary PT Mega Raya Kusuma.

TPR holds a 3,145-ha coal concession in Tabalong Regency, South Kalimantan, with JOR resources of 292 million tons, and reserves of 109 million tons.

Meanwhile, MHB operates a coal port equipped with stockpile and jetty as well as conveyor system on a 60-ha area in South Barito Regency, Central Kalimantan. TPR operates integrally with MHB through joint ownership of coal hauling road linking the concession and the port.

Elsewhere, Hendra said that the company has allocated US$42 million for capital expenditure this year, of which $36 million will be used to finance the acquisition program.

Editing by Reiner Simanjuntak