JAKARTA – PT Tambang Batubara Bukit Asam (PTBA) has set up a new business unit named PT Multi Investama which focused on agriculture, plantation, marketing, and property. Bukit Multi was founded with the capital of IDR 280.4 billion, in which 99.86% (IDR 70 billion) or 70,000 shares was invested by PTBA and Keluarga Besar Bukit Asam Foundation owned 100 shares (0.04% or IDR 100 million).
Bukit Asam Management explained that Bukit Multi was established on September 9, 2014, because the company felt the importance of having a business unit to support mining industry. The new business unit can also offer flexibility in managing project timeline as well as efficiency in cost, said Bukit Asam Management on an official release, Thursday (11/9).
Next year, Bukit Asam has budgeted IDR2.5 zillion for capital expenditure. This capital expenditure was allocated to finance expansion, one of which is electricity generator development. Higher than this year, which is IDR 2.2 zillion, the capital expenditure will be funded from internal and external reserves. Nonetheless, the company was still reluctant to explain the type of external funding. “If expansion and investment work as planned, the capital expenditure for next year may exceed our estimation,” said Milawarmna the CEO to Investor Daily in Jakarta.
The company planned to utilize the capital expenditure on project investment such as electricity generator development. At present, the company is on financial closing stage related to the development of PLTU Banko Tengah with 2x620 MW capacity. This project is planned to start operating in 2017. The other project, PLTU Banjarsari located at Lahat, South Sumatera, will be completed on Q4-2014. With 2x100 MW capacity, PLTU Banjarsari is estimated to consume 1.4 million tons coal annually and will be operated by making it part of Southern Sumatera interconnection.
Prior to this Milawarmna has stated that Bukit Asam will complete its acquisition on Ignite Resources on September 2014. The mining BUMN will acquire 30% of Ignite shares. “We have gone through a long process,” he said. Indeed, on July, the company has conducted a feasibility study followed by due diligence test on August. The acquisition will be realized accordingly on Q3 2014, but Milawarmna has not stated the value of acquisition. Nonetheless it was confirmed that the acquisition will be funded by internal cash reserves.
(Investor Daily, 12 September 2014, Page 14)
