Nov 29, 2010

Indika to buy 51% stake in Mitra Bahtera

Integrated coal company PT Indika Energy Tbk (INDY) might acquire 51% holding in a leading logistic provider PT Mitra Bahtera SegaraSejati (MBSS) from Prasatya family
Several sources familiar with the matter said by acquiring MBSS, Indika will be fully integrated coal mining company.
"Indika that currently controls 46% holding in coal miner PT Kideco Jaya Agung will be fully integrated coal mining company," the sources said.
Retina Rosabai, Indika's Senior Vice President of Investor Relations, declined to comment on the matter.
MBSS is providing coal tugs and barges operators in Indonesia.
MBSS provides one stop fully integrated solutions to the logistical needs of the Indonesian Coal industries ranging from shore based barge loading facility to the offshore loading of the ocean going vessels.
The sources said Indika has entered into option agreement with MBSS's controlling shareholder Prasatya family with rights to buy 51% holding in MBSS during initial public offering (IPO) targetted in January-February 2011.

Disclosure: No position at the stock mentioned above.

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