Perdana Karya to complete acquisition in Q1 2013

By Hiski Darmayana

IDX-listed PT Perdana Karya Perkasa Tbk recently stated it will complete the acquisition of a coal concession from PT Indo Wana Bara Mining Coal (IWBMC) in the first quarter of 2013.

The 5,000 ha concession is located in West Kutai, East Kalimantan with 20 years of IUP-OP licenses, though it has not entered production stage yet.

?After obtaining effective letter of approval from Bapepam at the start of January, we'll get the permission to do limited public offering 1 and hold a shareholders' extraordinary general meeting to get approval from investors for this acquisition,? the company's Director Untung Haryono told Petromindo.com today.

The company targets to get up to Rp 6.5 trillion from the limited public offering, of which Rp 5.06 trillion will be used to finance the acquisition of Indo Wana's 66.50% indirect shares, expecting the acquisition to complete in February or March. It expects to start production at the end of 2013.

Editing by Er Audy Zandri