PTBA evaluates acquisition target

IDX-listed coal mining firm PT Bukit Asam Tbk (PTBA) is currently in the process of conducting due diligence on a coal mining firm which it plans to acquire, Bisnis Indonesia reported on Wednesday.

The paper quoted PTBA President Director Arviyan Arifin as saying that the company hopes to complete the acquisition program next year. The company said in April that the acquisition plan was targeted to be completed this year.

He said that PTBA has set a number of criteria for the acquisition target. ?It (the mine) must already in production, profitable, and has significant production volume,? he said, but did not provide further details.

The acquisition program forms part of the company?s expansion strategy.

Last year, PTBA through subsidiary PT Internasional Prima Coal acquired South Kalimantan coal miners PT Tabalong Prima Resources and PT Mitra Hasrat Bersama for a combined US$36 million.

In the same year, the company through subsidiary PT Bukit Multi Investama acquired 95 percent interest in coal mining services company PT Satria Bahana Satria. (*)