Sep 19, 2011

Indomobil penetrates coal business

PT Indomobil Sukses Internasional Tbk (IMAS) has expanded its business into coal mining contracting through its subsidiary namely PT Prima Sarana Gemilang with a target coal production of 3 million tons next year.
Assistant to President Director at Indomobil Bambang Prijono said the company has initiated the coal contracting business since March this year.
"We expect to produce 1.7 million tons of coal this year. But, it seems we miss the target," he said as quoted by Bisnis Indonesia today. 
According to him, Prima Gemilang is a coal contractor in concession of PT Nusantara Berau Coal, that is owned by Salim Group. Prima Gemilang was founded in 2008 in which Indomobil owns 40.50% shareholding, diluted from 74.93%.

Disclosure: No position at the stock mentioned above.

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