Timah still interested to acquire Berau Coal
Tuesday, November 13 2001 - 09:33 AM WIB
Ailing state tin mining firm is still interested to buy coal-mining firm PT Berau Coal despite its worsening financial condition.
?We have submit our letter of interest and we haven?t withdrew the letter,? said Timah corporate secretary Prasetyo Budi Saksono through phone interview Tuesday.
Earlier reports said Timah might withdraw from the bidding due to its ailing financial condition.
United Tractor, a subsidiary of Astra Internasional is set to divest its 60 percent share in Berau Coal to raise US$ 100 million debt which will be due late this year.
The company has invited interested parties to submit letter of interest and according to a United Tractor director, 10 local and foreign companies had responded.
Berau Coal operates coalmines in Berau regency in East Kalimantan. (alex)