Indika plans to start new coal mine's production in 2010
Monday, May 12 2008 - 01:30 AM WIB
The company's Vice President for Investors Relations Retina Rosabai was quoted by Investor Daily in Jakarta as saying last week that Indika would buy the mine for US$100 million and the mine was expected to produce about 2.5 million tons a year.
Retina, however, refused to unveil the name and the location of the company.
Earlier, Indika's CEO M. Arsjad Rasjid told a public expose that the company had signed sales and purchase agreement to acquire a coal mining firm in East Kalimantan. He said that the mine, which operates under a Coal Contract of Work, is located 15 kilometers from PT Kideco Jaya Agung's mine and has coal reserves with CV of 6,300 Kcal/kg. He further said the deal would be closed in one month.
The company said it would sell 18 percent of it shares through an initial public offering (IPO) in June, this year, to raise the funds as much as $300 million.
Indika, established in 2000, is a privately-owned investment holding company. Its major investment assets include a 46 percent stake in Kideco and a 100 percent stake in Tripatra Group, a leading engineering, procurement and construction (EPC) and operations and maintenance (O&M) service provider in Indonesia. (*)