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Indika Energy acquires Additional Stake in Coal Miner

Coal News - Published on Tue, 23 Jul 2019

Image Source: DealStreetAsia
Deal Street Asia reported that Indonesia’s Indika Energy has bought an additional stake in coal mining company Multi Tambangjaya Utama. Indika Capital bought 2.62 million shares, equivalent to a IS per cent stake in MTU, from Prime Empire Investment. The total consideration for the transaction, completed on July 17, was ISD 9.9 million.

Following the acquisition, Indika Energy owns 100 per cent of MTU. It previously held an 8S per cent stake through a subsidiary, Indika Indonesia Resources. Indika Energy had acquired MTU, along with the marketing rights for its coal production, in March 2012 for ISD 132 million, according to local media reports. The seller was International Coal Trading Limited.

MTU is a third-generation coal contract of work that owns high-rank bituminous thermal and coking coal located in Central Kalimantan Province, according to Indika Energy’s website. Its total concession area is 24,970 hectares.

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Posted By : Rabi Wangkhem on Tue, 23 Jul 2019
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