Coal miner PT Bayan Resources Tbk (BYAN), that is owned by Dato' Low Tuck Kwong, has entered into a conditional sales and purchase agreement to supply 100 million metric tons of low sulphur coal to three power plants with combined capacity of 6,000 metric tons.
In a press statement today, the power plants are Saurashtra Super Thermal Power Project, Gujarat Unit-1, Saurashtra Super Thermal Power Project, Gujarat Unit-2, and Sagar Super Thermal Power Project, West Bengal Unit-3. The power plants will be constructed and owned by Universal Crescent Power Private Limited, a wholly owned subsidiary of Universal Success Enterprises Limited (USE).
The agreement is valid for 15 years commencing on 2015 which is conditional on USE achieving financial closure of the projects on or before 31 2013.
USE started operations in 2013 in the real estate sector has become one of the top five developers in India to date.
"We believe that this additional contract significantly enhances our existing robust sales commitments and secures the continued expansion of the Group especially at the Tabang and North Pakar Mines," said President Director of Bayan, Eddie Chin.
Disclosure: No position at the stock mentioned above.
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