PTBA proceeds with shipping firm acquisition plan
Monday, December 17 2007 - 11:19 PM WIB
Indonesia Stock Exchange-listed state coal miner PT.Tambang Batubara Bukit Asam (PTBA) has decided to go on with plan to acquire 100 percent shares of state shipping firm PT.Bahtera Adiguna, a company official said as quoted by media.
CEO Sukrisno said that the company would spend US$11 million to acquire the company. He also said PTBA would boost Adiguna?s coal transport capacity from 1.2 million tonnes per year currently to 3MTPA in three years.
PTBA will use Adiguna?s vessels to ship coal from Tarahan coal port in Lampung to Suralaya power plant.
PTBAs shareholders will convene on January 2008 to decide on the acquisition. (*)