Malaysia?s Tenaga to acquire S. Kalimantan coal mine
Tuesday, January 22 2002 - 05:30 AM WIB
Malaysia utilities giant Tenaga Nasional Bhd is in talk to acquire stakes in South Kalimantan based coal mining firm PT Dasa Eka Jasatama (DEJ), according to Industry sources.
According to the sources, Tenaga will acquire 70 percent stake of Malaysia?s Dynamic Acres Sdn Bhd, which in turn controls 99 percent stake of DEJ.
The value of the acquisition is US$ 59.5 million.
The sources said that the due diligence process in currently taking place and the deal was expected to be closed in March this year.
DEJ will commence production in February this year with the capacity of some 100,000 tons of coal per month.
According to the sources, 800,000 tons of the coal produced this year will be sold to specific buyer in Hong Kong, while Tenaga is expected to take the rest. (alex)