Korea Electric Power Corp (Kepco) has completed the purchase of a 20% stake in PT Bayan Resourses Tbk on Aug. 19.
Bayan Corporate Secretary Jenny Quantero, reported by Bisnis.com, said the purchase was made in two transactions for a total of Rp4.67 trillion (US$519.4 million). The first transaction was completed July 29, she said.
In a public announcement to Indonesia Stock Exchange (IDX) yesterday, Kepco has acquired 333.33 million shares in Bayan.
Kepco has bought those shares from sellers via over the counter market. After the purchase, Kepco has controlled 666.67 million shares in Bayan or 20% stakes.
Following the shares acquisition, Bayan Resources has agreed to supply coal to Kepco. Bayan will supply 2 million tons of coal annually to Kepco starting in 2012
Disclosure: No position at the stock mentioned above.
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