MITI to complete divestment of granite mine by year-end

By Thomas Sembiring

IDX-listed PT Mitra Investindo Tbk (MITI) said it hopes to complete the divestment process of its granite quarry asset on Bintan Island, Riau Islands Province, at the end of next month or by the end of this year at the latest.

This was said by MITI Director Yoyong (one name) on Friday on the sidelines of company shareholders meeting. ?Probably end of next month, but it will also depend on the OJK,? he told Petromindo.com, referring to the Financial Services Authority, the capital and financial market watchdog.

MITI signed in November of last year a conditional sales and purchase agreement with PT Sanmas Mekar Abadi for the sale of the granite quarry assets on Bintan Island.

The company is selling the granite asset as it is now seeking to focus on oil and gas business. It is now in the process of completing the acquisition of a 23.4 percent shares in PT Benakat Oil. MITI currently owns the Linda Sele oil and gas field in West Papua.

Production of the granite mine in the third quarter of this year increased to 150,000 tons from 120,000 tons in the second quarter.

Editing by Reiner Simanjuntak