Kepco sells shares in Bayan to subsidiaries

Petromindo|Dasir

Korea Electric Power Corp (Kepco) sold shares in IDX-listed coal miner PT Bayan Resources Tbk through the Indonesia Stock Exchange between December 13 and 16 in a transaction worth a combined Rp 2.7 trillion, Kontan reported on Wednesday.

The paper said that following the transaction, Kepco?s shares in Bayan has declined from 20 percent to only eight percent.

Bayan Director Jenny Quantero was quoted by the paper as saying that Kepco sold the shares to its subsidiaries. ?This is an allocation of portfolio to a number of Kepco subsidiaries,? she said.

Kepco acquired in 2010 the 20 percent stake in Bayan as part of an offtake deal, where Bayan is required to supply coal to the South Korean firm. (*)