Timah sells coal subsidiary for $30m
Tuesday, December 2 2014 - 02:12 PM WIB
By Romel S. Gurky
IDX-listed tin miner PT Timah Tbk said on Tuesday that it along with its subsidiary PT Timah Investasi Mineral (TIM) has sold their 90 percent shares in coal miner PT Tanjung Alam Jaya (TAJ) to PT Duta Perwira Nusantara (DPN) for US$30 million.
The sales agreement was signed on Nov. 28.
Timah sold its 50 percent shares in TAJ, while TIM, which is 99.9 percent owned by Timah, sold its 40 percent shares in the coal firm.
TAJ operates a 6,000-hectare coal mine in Banjar regency, South Kalimantan producing coal with calorific value of approximately 6,500 Kcal/kg.
Editing by Johannes Simbolon