Indika purchases stake in Kideco coal mine
Monday, August 30 2004 - 05:08 AM WIB
PT Indika Inti Corpindo has closed a transaction to purchase of a 41 percent stake in PT Kideco Jaya Agung, an East Kalimantan-based based coal producer, from South Korean chemical giant Sam Tan Corp.
An industry source told Petromindo.Com that the transaction was worth about US$145 million.
The signing ceremony took place in Jakarta Monday morning, witnessed by Korean Exchange Bank and Danamon Bank.
Sam Tan is still a majority shareholder in Kideco with a 49 percent stake.
Kideco operates a huge coalmine in Pasir regency, East Kalimantan, with production capacity of 18 million tons per annum. (godang)