Itochu acquires stake in Marunda Graha
Friday, August 24 2001 - 02:37 AM WIB
Japan trading powerhouse Itochu Corp. has acquired some 20 percent stake in coal mining company PT Marunda Graha Mineral, with the latter currently seeking to change the company?s status from domestic investment to foreign investment company, according to a ministry of energy and mineral resources official.
Mahyudin Lubis, director of coal and mineral enterprises at the ministry told Petromindo.com Thursday that Marunda had submitted an application to change its status to the ministry.
Marunda Graha Mineral is the holder of second-generation coal contract of work, exploring for coal in North Barito regency in Central Kalimantan. According to an industry source, Marunda is currently in the process of completing feasibility study stage.
No information yet available on the price of the share acquisition.
Prior to Itochu?s acquisition, Marunda was 70 percent owned by businessman Satya Darmawan and the remaining 30 percent owned by PT Marunda Raya Sari. (godang/alex)