INVS to acquire coal mining firm for Rp 2.1 trillion
Friday, December 21 2012 - 02:38 AM WIB
PT Inovisi Infracom Tbk (INVS), through its subsidiary PT Goldchild Integritas Abadi (GIA), plans to acquire a 70 percent stake of a coal mining firm which operates several coal mine concessions in Central, East and West Kalimantan, Investor Daily reported on Friday.
INVS? Corporate Secretary Benita Sofia said in Jakarta on Thursday that the transaction for the acquisition of the company?s 70 percent stake would be concluded in the first semester of next year. But, Benita refused to name the company.
Benita said that the coal mines operated by the company were expected to begin operation in 2014. In addition, INVS is also conducting exploration activities at five coal mines which the company acquired early this year.
Benita said that the company would need US$1.5 billion or about Rp 13 trillion in investment until 2015 for the development of telecommunication infrastructure, oil and gas as well as coal mines, including those operated by GIA.(*)