JAKARTA (Indonesia Today) – Heavy equipment and mining contractor PT Intraco Penta (INTA) Tbk has decided to postpone the acquisition of coal mining this year, Investor Daily reported this morning.??
Intraco CFO Fred Manibog told the paper that poor prices of commodities has triggered the delay even though the company has identified some targets. Coal prices in Newcastle Port, Australia, have dropped to below US$90 per ton in recent weeks.
Intraco has earlier expressed its intention to acquire a coal mine in East Kalimantan. The company has established new subsidiary PT INTA Resources for the purpose.
Intraco also plans to launch an initial public offering (IPO) of its financing subsidiary PT Intan Baruprana Finance (IBF), but only after its assets reached Rp4-5 trillion. IBF’s total asset is currently Rp1.6 trillion. (bintang@theindonesiatoday.com)
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