United Tractor expects to sell Berau Coal to foreign investors
Thursday, November 9 2000 - 03:30 AM WIB
Publicly listed heavy equipment assembler PT United Tractor Tbk expects to sell two subsidiaries including PT Berau Coal and PT Pama Persada Nusantara within the next two years, Neraca daily reported on Thursday.
The company's manager for investors relations Thomas Aslim said in Jakarta on Wednesday that some foreign investors had expressed interest to buy the company's shares in the two subsidiaries.
But he said that talks over the sales were still at initial stages. "We hope the divestment could be realized in 2002 after the two companies' debts had been restructured," he told reported.
Publicly listed tin producer PT Timah previously had expressed interest to buy the Kalimantan-based coal producer PT Berau Coal but it later backed off as United Tractor could not be able to meet the tin producer's demand to settle the coal company's debts.
United Tractor, part of the widely diversified automotive group PT Astra International, is still negotiating with foreign creditors to restructure its debts. (*)