Indonesia's Indocoal sells for $46 million

Indocoal fetched $45.5 million when the Indonesian government awarded the bid to another local mining company.

PT Holdiko Perkasa Holdiko has announced the sale of its entire ownership in Indocoal, a group of coal mining companies. Raising $45.5 million, the stake was sold to PT Centralink Wisesa International Centralink, a private Indonesian company operating in the coal business.

The deal marks Holdiko's second asset disposal for 2001 after the sale of its final stake in First Pacific last month. The company's main mandate is to sell Salim company assets and turn over the proceeds to IBRA, which in turn remits them to the government. Total gross proceeds from the two deals amount to more than Rp500 billion $48.1 million, meaning...

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