Pattinson sells RI coal stakes<\/p>\n
SYDNEY (Reuter): Washington H. Soul Pattinson and Co Ltd said
\nyesterday it had agreed to sell minority interests held in two of
\nits Indonesian coal subsidiaries to Asian Mining and Energy
\nCorporation (ASMEC) for US$15 million.<\/p>\n
\"The agreement incorporates the sale of New Hope subsidiaries
\nNew Hope Indonesia Pty Ltd and Aspac Investments Pty. Ltd.,
\ntogether with Beckkett Pte Ltd, a subsidiary of Washington H.
\nSoul Pattinson,\" the company said in a statement.<\/p>\n
Now Hope owns 40 percent of the P.T. Multi Harapan Utama coal
\nmine in East Kalimantan.<\/p>\n
Aspac Investments and Beckett are investment companies holding
\n40 percent and 34.2 percent respectively of P.T. Grafen Invesindo
\nFinance, a venture capital company with indirect minority
\nholdings in the P.T Adaro Indonesia coal mine and P.T. Indonesia
\nBulk Terminal port development in South Kalimantan.<\/p>\n
The company said the sale represented an ideal opportunity to
\nconsolidate the group's major Indonesian holdings of 50 percent
\nin coal producer P.T. Adaro Indonesia and 50 percent of P.T.
\nIndonesia Bulk Terminal.<\/p>\n
\"It has the added advantage of bringing together the
\nsubstantial and well-connected business interests of ASMEC
\nthrough the Swabara Group of Indonesia into direct partnership
\nwith WHSP\/New Hope, hence providing both security and market
\nopportunity to the Group's Indonesian investments,\" Washington H.
\nSoul Pattinson's chairman, Jim Millner said in a statement.<\/p>\n
The company said ASMEC would combine with Swabara Group, a
\nmining and energy organization, partly owned by Indonesian
\nbusinessmen Hashim Djojohadikusumo and Graeme Robertson.<\/p>\n
ASMEC is owned by Indonesian interests which include the
\nTirtamas and Raja Garuda Mas groups.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pattinson-sells-ri-coal-stakes-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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