PTBA's acquisition plan delayed
Thursday, September 9 2004 - 03:17 AM WIB
State owned coal mining company PT Tambang Batubara Bukit Asam's (PTBA's) plan to acquire a Kalimantan-based coal mining company could not be realized in August this year as initially planned due to the tough negotiation on the acquisition price, Bisnis Indonesia reported on Thursday.
"We earlier hoped that the acquisition of the coal mining company could be realized in August. Due to tough negotiation, we could not realized the plan as scheduled," said Ario Wibisono, the president of PT Andalan Artha Advisindo Sekuritas which acts as PTBA's financial advisor.
He refused to name the company that would be acquired but earlier reports said that PTBA would acquire East Kalimantan-based coal mining company PT Multi Harapan Utama.
The coal mining company is jointly owned by businessman Ibrahim Risjad and Napan Group (50 percent) and Swabara Australia Pty Limited (40 percent) and PT Asmin Pembangunan Pratama (10 percent). (*)