PTBA offers PLN to join in purchasing KPC shares
Monday, May 13 2002 - 08:35 AM WIB
But so far PLN had not given any response to PTBA?s offer, Parno told reporters.
Parno said PTBA had made the offer in a recent informal meeting between senior executives of the two companies.
PTBA and PLN were among the three state firms planned by the government to form a consortium to buy the 51 percent stake in KPC which is set to be divested by end-June. The other sate firm mining company PT Aneka Tambang.
The government and KPC's shareholders Rio Tinto and BP Plc had priced the KPC entire operation, in East Kutai Regency in East Kalimantan, at US822 million. The share divestment is mandatory as stipulated in KPC's contract. KPC started commercial operation in 1992.
The East Kalimantan provincial administration and several private investors have also expressed interest to buy KPC shares. The private companies include PT Nusantara Energy, PT Bumi Resources Tbk, PT E-Capital Securitas, PT Inti Pradana and PT Batubara Borneo Batuah.
Meanwhile, PLN president director Eddie Widiono said on a separate occasion on Monday owning a stake in KPC could better guarantee coal supply for its coal-fired power plants.
PTBA operates major coalmines in South Sumatra which annually turn out some 10 million tons of coal, combined.
It is scheduled to be privatized this year either through initial public offering or private placement.
Meanwhile, PLN said recently it was planning to seek overseas loans of between Rp 99 trillion and Rp141 trillion (US$=Rp9276) to finance the development of at least 47 new power generating units and 14 transmission lines across Indonesia. (Godang)