Samindo delays acquisition plan
Monday, November 18 2013 - 01:12 AM WIB
IDX-listed coal mining services PT Samindo Resources Tbk has delayed its plan to acquire a coal mining concession in East Kalimantan this year amid the lingering weak coal price, Bisnis Indonesia reported Monday.
Company Director of Business Development Priyo Pribadi Soemarno said that the company has yet to determine as to when the acquisition process will be resume. ?We?re still considering the feasibility of making the acquisition. Making acquisition at high price will not have an economical value,? he said.
Samindo earlier planned to acquire a coal concession with a high calorific value coal reserves of at least 30 million tons, hoping to conclude the acquisition in the third quarter of 2013. (*)