Apr 17, 2012

ABM unit secures contract from AVRA

A coal subsidiary of PT ABM Investama Tbk (ABMM), namely PT Reswara Minergi Hartama, has entered into a sale and purchase contract of coal through agreement with AVRA Commodities Ptd Ltd on April 16 2012.
Corporate Secretary Ade Renaldi Satari, in an official statement to Indonesia Stock Exchange, said the total amount of the contract is 935,000 metric tons
With the new contract, Reswara has secured 2.9 million metric tons of coal sales or more than 50% of the target this year of 5.5 million metric tons.
Reswara through its subsidiary dubbed PT Tunas Inti Abadi has coal concession in South Kalimantan. Reswara Minergi is a subsidiary of ABM Investama with coal reserves of 550 million metric tons from four concessions in South Kalimantan and Nangroe Aceh Darussalam. 
Reswara has two subsidiaries dubbed Tunas Inti Abadi and PT Media Djaya Bersama, a joint venture company with Indonesian businessman Surya Paloh. Reswara also has subsidiary that is active in port management namely PT Pelabuhan Buana Reja.

Disclosure: No position at the stock mentioned above. 

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