PTBA eyes 25 percent of KPC shares: Executive
Monday, June 24 2002 - 06:53 AM WIB
The $210 million will be from PTBA?s own fund, bank loans and funds to be obtained from the sale of the company shares, PTBA president director Ismet Harmaini said in a parliamentary hearing.
KPC had planned to sell 51 percent of its shares to Indonesian investors by end-June. The government and KPC shareholders Rio Tinto and BP Plc agreed early this year on a $822 million valuation of the entire KPC operation.
The government will privatize PTBA in August this year through initial public offering on the Jakarta Stock Exchange.
PTBA and several other state and private companies had expressed interest to purchase KPC shares which had been planned for sale by end-June. The other state firms included general mining company PT Aneka Tambang, publicly listed tin miner PT Timah Tbk and electricity company PT PLN.
Meanwhile, the private investors included PT Nusantara Energy, PT Borneo Batubara Batuah and publicly listed firm PT Bumi Resources.
The government recently decided to sell the 51 percent shares of KPC to state companies, Indonesian private firms and the East Kalimantan provincial administration. The province had insisted to become the preferred bidder for KPC shares.
But so far, the government has not yet decided the share portion for each of the buyer group.
KPC operates a huge coalmine in Sangatta in East Kutai, East Kalimantan. (godang)