Three investors to present plan to buy KPC shares

Three investors are scheduled to present their plan to buy shares of East Kalimantan-based coal miner PT Kaltim Prima Coal (KPC) in a public expose meeting in Sangatta on Friday, local daily Kaltim Post reported on Tuesday.

The investors are PT Intan Bumi Inti Pradana (IBIP), state coal miner PT Bukit Asam and PT Central Link, East Kutai regent Awang Faroek Ishak said on Monday.

The public expose meeting will be held at the East Kutai regency legislative council in Sangatta.

KPC and the central government recently agreed to sell 51 percent of the company shares no later than July 31, 2002, to state enterprises, Indonesian private investors and East Kalimantan.

In April, four investors presented their plan of acquiring KPC shares. They were PT Nusantara Energy, publicly listed PT Bumi Resources Tbk, PT Batubara Borneo Batuah and PT E-Capital Securitas.

Bumi Resources said on Monday it had revoked its plan to buy KPC shares.

KPC, equally owned by Rio Tinto and BP Plc, operates a huge coalmine in Sangatta. (*)