Indika, Bellridge sign coal cooperation agreement
Wednesday, November 29 2017 - 04:11 AM WIB
Indika Energy Trading Pte Ltd (IETPL), a subsidiary of IDX-listed coal and energy mining firm, has entered into a coal business cooperation agreement with Bellridge Holding Limited (BHL), where BHL plans to invest in coal business industry on behalf of IETPL.
Indika said in a statement on Monday that related to this transaction, on September 30, 2017, IETPL has paid to BHL amounting to US$ 18 million, which IETPL will obtain the profit sharing and respective principal amount from BHL.
On February 11, 2016, PT Indika Indonesia Resource (IIR) and Tenstars Pte. Ltd., a third party, established IETPL where IIR owns 60 percent ownership interest. IETPL will be engaged in coal and mineral trading, general trading activities, the statement said, but did not provide details.
Editing by Reiner Simanjuntak