Renuka sells coal mines to focus on trading

By Alexander Ginting

Petromindo|Khalsa

IDX-listed firm PT Renuka Coalindo Tbk reported that it has completed the sale of its two coal mines and is now focusing on becoming coal trader.

The company said in a presentation filed with the IDX on Friday that it has competed sale of PT Jambi Prima Coal and PT Surya Global Makmur located in Jambi, to undisclosed third party.

Renuka has signed long-term contract to supply coal to its controlling company Indian sugar manufacturer Shree Renuka Sugars Limited.

To secure coal supply for the contract, Renuka has signed long-term coal purchasing agreement with Jakarta-based trading firm PT Virema Impex.