United Tractors confirms agreement with consortium on Berau Coal share deal
Friday, August 23 2002 - 06:12 AM WIB
JSX listed heavy equipment maker PT United Tractors Tbk (UT) on Friday confirmed its agreement with a local consortium of investors to sell its 60 percent-stake in East Kalimantan-based coal miner PT. Berau Coal.
?We have reached an agreement with the consortium to sell to it our stake in Berau Coal,? UT corporate secretary Tjandrawati Waas told Petromindo.Com.
Tjandra said however UT and the consortium, led by Intra Karsa Korporindo, had not agreed on the price, terms and condition of the sale of the 60 percent-stake in Berau Coal. This was because their shareholders had yet to deliberate that matter within one month, Tjandrawati said.
Bureau Coal is one of Indonesia?s most profitable coal firm which produces 6.7 million tons in 2001. Other shareholders of the company are Armadian Tritunggal with 30 percent and Japan?s trading powerhouse Nissho Iwai with 10 percent. (alex)