PT Bukit Asam Transpacific Railway (BATR), a joint venture company that will build and operate railway project from Tanjung Enim to Lampung, has picked Standard Chartered Bank (Stanchart) as financial advisers to help seeking the financing for US$1.8 billion project.
Sources said BATR, the joint venture company between the state controlled PT Bukit Asam Tbk, Rajawali Group's Transpacific Railway Infrastructure, and China Railway Engineering, has appointed Stanchart last week.
"BATR has also named several Chinese banks to support the project financing," the sources said.
However, BATR President Director Rudiantara, one of the most trusted executive of Indonesian mogul Peter Sondakh, owner of Rajawali Group, is unreachable for comment.
The 300 km-railway project is aimed to help Bukit Asam, with abundant thermal coal reserves, to jack-up its sales and production. The project is underway to make engineering design. The design has been proposed to South Sumatra and Lampung regional government for approval which is expected in the third quarter of this year.
Disclosure: No position at the stock mentioned above.
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