Bahana gets role in KPC sale<\/p>\n
JAKARTA: The government said on Wednesday it had appointed
\nstate-owned securities firm PT Bahana Sekuritas as its financial
\nconsultant to decide on the value of coal-mining firm PT Kaltim
\nPrima Coal's (KPC) shares.<\/p>\n
Secretary-general of the Ministry of Energy and Mineral
\nResources Djoko Darmono said that Bahana would hold talks with
\nKPC's consultant, Salomon Smith Barney, over the share price.<\/p>\n
"We hope they can reach a deal on the price in the middle of
\nFebruary," he told The Jakarta Post.<\/p>\n
KPC is obliged to sell a 51 percent stake to local investors.
\nThe divestment program was supposed to be complete last year, but
\nhas been delayed to March 2002, due to differences between the
\ngovernment and KPC over the price of the share.<\/p>\n
KPC's valuation of its 51 percent stake is much higher than
\nthe US$309.94 million calculated by the Ministry of Energy and
\nMineral Resources.<\/p>\n
The East Kalimantan administration, which has been given the
\nfirst choice to purchase the shares, had calculated a price of
\n$319 million for the 51 percent stake. --JP<\/p>",
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