Indika to up stake at Kideco
Monday, May 24 2010 - 01:50 AM WIB
IDX-listed energy firm PT Indika Energy Tbk is planning to increase stake at East Kalimantan coal mining firm PT Kideco Jaya Agung, Bisnis Indonesia daily reported on Monday quoting source.
The daily reported that South Korean firm Samtan Co. Ltd which currently holds 49 percent shares of Kideco is planning to divest part of its shares and has made offer to Indika. Indika currently holds 46 percent stake in Kideco. Another local company PT Muji Inti Utama holds 5 percent shares of Kideco.
The report said that Indika is seeking to get majority stake at Kideco, but did not give detail.
Indika Director Wisnu Wardhana confirmed Indika?s plan to increase stake at Kideco.
Kideco is one of Indonesia?s biggest coal mines, targeted to produce 29 million tonnes od coal this year.(*)