PT Bukit Mutiara, controlling shareholder of Indonesia's fifth largest coal miner PT Berau Coal Energy Tbk (BRAU) is nigh to dispose up to 30% stake or 10.47 billion in Berau Coal Energy.
The proceed will be used by Bukit Mutiara to pay a total vendor notes of US$580 million or Rp5.16 trillion to Rizal Risjad, son of Ibrahim Risjad which sold Berau Coal to Bukit Mutiara, via Montrose International Trading Limited, maturing on December 30 2010.
Bukit Mutiara had issued 8% vendor notes worth US$580 million in December 29 2009 as part of financing when it acquired 90% stake in directly PT Berau Coal from Rizal Risjad at the consideration price of US$1,18 billion. Please login or register to read the remaining story.
Disclosure: No position at the stock mentioned above.
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