PTBA not interested in buying KPC shares
Wednesday, December 15 2004 - 02:26 AM WIB
The management of state –owned coal producer PT Tambang Batubara Bukit Asam (PTBA) is not interested in buying a 32.4 percent stake in the coal mining firm PT Kaltim Prima Coal (KPC), the Investor Daily Indonesia newspaper reported in its Wednesday edition.
PTBA considers the price of the KPC shares (valued at US$1.4 billion for 100 percent shares) and the total number of shares offered is not economical.
The sale is a part of KPC’s divestment program.
“When KPC’s price was $900 million, we were not interested and now no way we'll buy it at that higher price. Moreover, it will not be profitable, if we acquire a minority stake in that company (KPC),” PTBA president director Ismet Harmaini said on Tuesday on the sidelines of a seminar on “Bimasena International Energy and Mining “ in Jakarta.
Ismet said, PTBA is interested if it is offered a majority stake in KPC.
“Minimum it should be 51 percent stake,." Ismet said.(*)