Feb 1, 2011

Bayan to supply coal to TP Utilities Ltd

Coal miner owned by businessman Dato' Low Tuck Kwong PT Bayan Resources Tbk (BYAN) sealed a coal agreement with TP Utilities Pte Ltd (TPU) on January 28 to supply 13.36 million metric tons to TPU Tembusu Multi-Itilities Complex, owned by TPU.
Based on company disclosure to Indonesia Stock Exchange (IDX) today, Bayan Resources Director Jenny Quantero and Russel Neil stated the agreement will be valid for 15 years, commencing from 2012.
TPU is a subsidiary of Singapore-based power plant company Tuas Power Ltd.
At the moment, TPU manages TPU Tembusu Multi-Utilities Complex that currently still under construction. The complex will provide integrated facility services for indistries around Tembusu in Jurong Island, Singapore.

Disclosure: No position at the stock mentioned above.

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