UT sells Berau Coal to Intra Karsa Korporindo
Thursday, August 22 2002 - 04:02 AM WIB
JSX listed heavy equipment maker PT. United Tractors (UT) had reached agreement with a local consortium to sell its 60 percent stake at East Kalimantan based coal-mining firm PT. Berau Coal, an industry source said Thursday.
?This week, UT and local consortium grouped in Intra Karsa Korporindo had agreed about prices, terms and conditions of the sale of Berau Coal, but the agreement must be sanctioned by UT shareholders,? said the source.
The source, however, did not disclose the price for UT?s 60 percent shares in Berau Coal.
UT official was not available for comment.
Berau Coal is one of the country?s top coal producers, producing 6.7 million tons in 2001. Other Berau?s shareholders are Armadian Tritunggal with 30 percent shares and Japan?s trading powerhouse Nissho Iwai with 10 percent. (alex)