Timah acquires South Sumatra coal mine

By Ruli Setiawan

IDX-listed tin giant PT Timah Tbk has acquired PT Truba Bara Banyu Enim (TBBE), a low-rank coal producer in South Sumatra.

TBBE said in a statement Friday that as of September 22, Timah?s subsidiary PT Timah Investasi Mineral controls 99.80 percent shares in the coal mining firm, with the other 0.20 percent held by another Timah subsidiary, docking services firm PT Dok & Perkapalan Air Kantung.

TBBE did not provide further details about the transaction. According to Timah?s website, Timah Investasi plans to develop a coal gasification project.

Editing by Reiner Simanjuntak