PTBA, Rajawali to do changes of ownership in joint ventures
Wednesday, September 5 2012 - 01:22 AM WIB
?There will be changes in ownership involving our subsidiaries in mining and infrastructure. Our partners will become a majority shareholder in infrastructure but a minority in mining. Meanwhile, PTBA will be a majority owner in mining and a minority in infrastructure,? PTBA?s President Director, Milawarma, said as reported by The Jakarta Post.
BAB is 65 percent owned by PTBA and 35 percent by PT Rajawali Asia Resources.
BAB was formed to work a mining site in Banko Tengah, South Sumatra; however, BAB cannot carry out mining activities because under an existing? regulation, PTBA, as the holder of the mining permit for the Banko Tengah area, is prohibited from transferring the mining rights to another firm.
PTBA also has an option to increase its ownership in BATR, which currently stands at 10 percent, while PT Transpacific Railway Infrastructure, a subsidiary of PT Rajawali Corporation, the holding company of the Rajawali Group founded by Peter Sondakh, holds 80 percent and a Chinese company, the China Railway Group Limited, owns 10 percent.
?We have an opportunity to increase our stake by 20 percent, to have an overall stake of 30 percent, in BATR,? said Hannato, PTBA?s corporate secretary However, he did not give a specific time frame for the plan.
BATR was established to construct a 300-kilometer railroad to transport coal mined from BAB?s mining area in Tanjung Enim in South Sumatra to the Tarahan coal terminal in Lampung. The project is worth US$1.3 billion.
According to Milawarma, the company expected to begin construction on the railroad in mid~2013 and hoped to start transporting coal in 2017.(*)