Mar 5, 2012

Cipta Kridatama gets US$300m contract

Energy integrated company PT ABM Investama Tbk (ABMM), that is controlled by Hamami family, has secured a US$300 million coal contracting contract from PT Riau Baraharum. The contract is secured via ABM's subsidiary dubbed PT Cipta Kridatama.
Riau Baraharum is a subsidiary of PT Pertama Energy Resources with coal concession permit in Riau, Sumatra. As reported by Bisnis Indonesia today, the contract is consisting of land clearing, overburden removal, and equipments lease.
"We has secured contract for several years to seal our revenue within the next 5 years," said Director Boedi Santoso at Cipta Kridatama in a press statement yesterday.
Up to now, Cipta Kridatama has secured coal mining services contracts in nine coal concessions with periode of 3 years. ABM Investama and PT Trakindo Utama are owned by Hamami family.

Disclosure: No position at the stock mentioned above.  

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