VIVAnews - Recapital Advisor will control 90 percent shares of PT Berau Coal by the end of December of 2009. The company has signed a sale and purchase agreement with Berau's owner Rizal Risjad last week.
Recapital Advisor CEO Rosan Perkasa Roslani said the closing for the new share acquisition will be set up by late 2009 because there will be unconditional redemption over the company's bond. "The time limit will be thirty days after the agreement is cemented," he told VIVAnews on Monday, Nov 30.
Rosan said the company will likely release most of Berau shares through an initial public offering after becoming Berau's ultimate share holder. However, the share release can also take another option. "The decision will only be delivered by January 2010," he said.
He said that in the early phase, the company will try to boost Berau's value and assess the best measures that may be taken.
In addition to Berau, Rosan acknowledged that Recapital is eyeing several coal mines. The company is negotiating over the acquisition, and is expected to take place in 2010.
He said Recapital will improve the business value of each company that it acquires.
Earlier, there were four prospective buyers of Berau Coal like PT Indika Energy Tbk, which consists of Korea Electric Power Corporation (Kepco) and Capital Group Companies.
Some other candidates are Banpu PLC Thailand and PT Quattro Inti Investama.
PT Armadian Tritunggal owns 51 percent of Berau stocks; Rognar Holding B.V., 30 percent; and Sojitz Corp, Japan, possesses the rest.
The median of Berau's coal production reaches 20 million per year.
--
Translated by: Bonardo Maulana Wahono
