Indo Wana plans to build coal terminal
Friday, June 16 2017 - 05:26 AM WIB
Petromindo|Khalsa
East Kalimantan coal mining firm PT Indo Wana Bara Mining Coal (IWBCM) has recently raised its authorized capital and paid-up capital as part of requirements to obtain permit to develop a coal terminal.
IDX-listed PT Sekawan Intipratama Tbk, which controls IWBCM, said in a statement obtained Friday that during a March extraordinary meeting, the shareholders of IWBCM agreed to increase the authorized capital to Rp 100 billion from Rp 2.5 billion, and the paid-up capital to Rp 25 billion from Rp 2.5 billion.
Sekawan said that one of the requirements set by the Ministry of Transportation for obtaining location permit for the planned coal terminal is to have minimum paid-up capital of Rp 25 billion.
IWBMC owns a 5,000-ha coal concession in West Kutai Regency, East Kalimantan, with coal resources estimated at 533.31 million tons, and reserves estimated at 288.1 million tons.
Sekawan said that PT Wana Bara Prima Coal (WBPC), which owns 90 percent of IWBMC, has agreed to increase its portion of capital in the coal firm. Meanwhile, PT Baratama Indo Nusa Borneo, which holds the remaining 10 percent stake, did not increase the portion of its equity. Baratama instead sold 9 percent of the stake to PT Mahaputra Bara Mulia (MBM), which agreed to take up the additional capital requirement of Baratama. WBPC has agreed for MBM to become a new shareholder in IWBMC with a 9 percent stake. Baratama now owns only 1 percent interest in IWBCM.
Editing by Reiner Simanjuntak