Malaysia Tenaga to sell S. Kalimantan coalmine
Tuesday, March 9 2004 - 06:36 PM WIB
Malaysian state utility firm Tenaga Nasional Bhd said Tuesday it plans to sell its entire 70 percent stake in TNB Coal International (Maurities) Ltd to Techventure Bhd.
In a statement, Tenaga said it has signed a memorandum of agreement with Techventure regarding the planned sale.
Tenaga said definitive agreement regarding the sale was expected to be completed in six months.
Tenaga said the indicative offer by Techventure for a 100 percent stake in TNB Coal, including the 30 percent stake not owned by Tenaga, is around US$35 million.
Tenaga didn't provide any other details on the proposed transaction.
TNB Coal, through its subsidiary Dynamic Acres Sdn Bhd, owns a 99 percent stake in PT Dasa Eka Jasa Tama, a South Kalimantan–based coal mining already in production. The mine has estimated reserves of 35 million tons. (alex)