IBRA delays sales of Indocoal assets to Feb. 2001
Saturday, November 25 2000 - 04:00 AM WIB
The Indonesian Bank Restructuring Agency (IBRA) has decided to delay the sales of four coal mining companies under Indocoal to February 2001, from its initial target of December, 2000 because of legal jams and efforts to maximize the assets' value.
IBRA director for Asset Management Investment (AMI) Dasa Sutantio said on Friday that his party was still pursuing all the requirements stipulated in the many regulations for the sales of the four mining interests.
"Besides, we are waiting for the best asset value before we sell them so that we will get optimum results," Dasa said.
The four companies under Indocoal are PT Indominco Mandiri, PT Kitadin, PT Trubaindo Coal Mining and PT Barasentosa Lestari. All the four have operations in East Kalimantan. The first two -- Indominco and Kitadin -- have been in operation, while the two others are still in their exploration stage.
Dasa noted that the combined value of the four companies reached Rp 1.02 trillion in 1999, and their combined operating income in the first six months of this year reached Rp 10 billion.
IBRA, through PT Holdico Perkasa, holds 65 percent stake in Indominco, 100 percent in Kitadin, 60 percent in Trubaindo and 86 percent in Barasentosa. All those stakes would be sold out.
Dasa revealed that currently there were 20 companies, of which 15 foreign companies and five locals, interested in buying Indocoal assets from Holdico Perkasa, a holding company formed by IBRA to manage assets belonging to the Salim Group pledged to the agency.
Among the five local bidders is state owned coal-mining company PT Tambang Batu Bara Bukit Asam (PTBA).
PTBA president Sunardi said that the acquisition of the four companies aimed to improve the efficiency of PTBA's operation, in terms of mining management and marketing of coal products. He noted that PTBA and the four to-be-acquired companies would conduct joint marketing for their coal.
He expressed optimism that the acquisition of the four coal mining companies from Holdico would proceed smoothly. PTBA had hired advisors for the acquisition and allocated funds, including foreign loans, to finance the acquisition. (*)