Jul 2, 2011

Bayan disposes Kaltim Tyres

Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by Dato' Low Tuck Kwong and Jenny Quantero, has disposed all stake in tire producer namely PT Kaltim OTR Tyres. 
Bayan has agreed 90% stake in Kaltim Tyres to PT Sejahtera Usaha Sukses om June 28 2011. Sejahtera Sukses is non-affiliated company. Kaltim Tyres has not operated yet. This has depreciated its assets and created losses.
Kaltim Tyres was founded in 2006. The company recorded Rp15.61 billion assets in December last year.

Disclosure: No position at the stock mentioned above.

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