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Rabu, 24 Agustus 2011

Bukit Asam to Acquire 30% Shares in Adani Global's Coal Railway Project - The Indonesia Today

State coal miner PT Tambang Batubara Bukit Asam (PTBA) Tbk will absorb 30% shares in the coal railway project planned by Adani Global in South Sumatra, Kontan business paper reported.

PT Adani Global, a subsidiary of Adani Enterprises, plans to build coal railway with US$1.8 billion investment in South Sumatra. Adani currently controls 97.5% shares, with the balance owned by South Sumatra provincial administration.

"We're advised to take 30% shares in the project. We will subscribe the shares of PT Adani Global," said Achmad Sudarto, corporate secretary of Bukit Asam.

Bukit Asam might have to inject US$162 million to get 30% shares in PT Adani Gobal. Source of funds will mainly be internal sources.

The coal railway will connect Tanjung Enim and Tanjung Api-Api port through a 270-Km line. Adani expects to start construction next year and in operation by 2014.

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