PTBA clarifies report on acquisition coal mining firm in Kalimantan
Tuesday, November 23 2004 - 07:01 AM WIB
State-owned coal producer PT Tambang Batubara Bukit Asam (PTBA) confirmed on Tuesday that it is in talks to acquire a coal mining firm in Kalimantan.
In a statement to the Jakarta Stock Exchange, however, PTBA corporate secretary Milawarma clarified that the target company is not part of PT Saratoga Investama Sedaya as has been speculated in media reports.
Milawarma also said PTBA will pay for the acquisition through a combination of internal and external funds.
Earlier, PTBA president director Ismet Harmaini said PTBA had sent an offer and was waiting for the target company?s response. The deadline for the offer is end of November.
PTBA operates two mining units located in Tanjung Enim (South Sumatra) and Sawah Lunto (West Sumatra). The company produced 9.9 million tons of coal last year. (robert)