An engineering and coal-based company PT Indika Energy Tbk has teamed up The Capital Companies Group and Korea Electric Power Corporation (Kepco) in a bid to snap up 90% stakes at the fifth biggest coal producer PT Berau Coal.Indika consortium, which keens to grab more coal acquisitions, is scheduled to propose a binding price for Berau to day, a week later from the previous time table on September 3. Indika has given a trust to a foreign investment bank Citi to help arranging financing.
The Capital is Washington-based private equity fund previously managed by Chapman Taylor, while Kepco provides electricity business of transmission and distribution with back up of hydro, coal, and nuclear-generated power plants.
Concurrently, PT Quattro Inti Investama has joinned South Korea-based Daesang Group to submit Berau binding price today.
Quattro, helped by an advisor Barclays Capital, remains an SPV for Surabayan tycoon Kentjana Widjaja, or dubbed Widjaja Group. Under Daesang Group, it is Daesang Holding which has business in investment.
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