PTBA eyes Saratoga?s subsidiary in Kalimantan
Tuesday, November 9 2004 - 02:08 AM WIB
State-owned coal mining company PT Tambang Batubara Bukit Asam Tbk. (PTBA) is trying to buy a coal mining company belonging to PT Saratoga Investama Sedaya group in Kalimantan, the Bisnis Indonesia newspaper reported in its Tuesday edition.
A source revealed to the Bisnis Indonesia newspaper that both firms were still negotiating the price.
?The acquisition is only the matter of time, yet still not yet known when,? the source said.
PTBA?s company secretary Milawarma refused to reveal the company in question.
"PTBA?s intention to purchase of a coal mining company in Kalimantan is certain. We are ready to buy it," Milawarma said.
Earlier, PTBA president director said the new acquisition will be financed from the company?s internal cash. PTBA currently has around Rp 750 billion in cash. (*)