Six companies eyeing Kideco?s shares

At least six companies have shown interest to buy a 34 percent stake in coal mining company Kideco, a senior official at the company said.

?They are PT Arpeni Pratama, PT Timah, Sumber Mitra Jaya, Baramulti Group, and 2 consulting firms,? Kideco's managing director Kim Sung Kook told Petromindo.Com at CoalTrans Conference in Bali on Monday.

According to Kim, Kideco would extend its shares divestment program following a lawsuit filed by East Kalimantan government and Pasir regency administration.

Kideco?s coal contract of work obliges it to gradually divest up to 51 percent shares to Indonesian investors. In 2001, the company offered 34 percent shares, but only 10 percent was sold to two companies, Sumber Mitra Jaya and Muji Inti Utama.

In March, the central government and Kideco agreed on the price base of the company?s 2002 divestment at US$ 367.7 million on 100 percent basis.

Kideco is one of Indonesia?s top coal producers, operating a coalmine in Pasir regency, East Kalimantan. The company planned to produce some 12.5 million tons this year. (alex)