PLN to acquire shipping firm

State electricity firm PT Perusahaan Listrik Negara (PLN) said on Thursday that it would acquire state-owned shipping firm PT Bahtera Adiguna to ensure a smooth transportation of coal to its power plants.

PLN?s President Director Fahmi Muchtar told reporters that PLN would use its internal funds to acquire the firm at about Rp 70 billion

?We have been approaching Bahtera Adiguna and the office of State Minister of State Enterprises had also approved of the acquisition plan, ?he said.

The acquisition process is expected to be completed later this year, he added.

State coal miner PT Tambang Batubara Bukit Asam (PTBA) Tbk. was also interested to acquire Bahtera Adiguna but the firm's shareholders did not approve of the acquisition plan during a meeting in Jakarta in May, 2008. (Bernard)