Metals and Mining
Company Overview of PT Asmin Koalindo Tuhup
PT Asmin Koalindo Tuhup produces hard coking coal in Indonesia. The company was formerly known as PT Swabara Guna and changed its name to PT Asmin Koalindo Tuhup in February 1998. The company was founded in 1992 and is based in Jakarta, Indonesia. As of December 2009, PT Asmin Koalindo Tuhup operates as a subsidiary of PT Borneo Lumbung Energi & Metal Tbk.
Jl. Budi Kemulian I No. 2
Founded in 1992
62 21 2957 3737
62 21 2957 3777
Key Executives for PT Asmin Koalindo Tuhup
Compensation as of Fiscal Year 2014.
PT Asmin Koalindo Tuhup Key Developments
Borneo Lumbung To Sell Stake In AKT
Oct 30 12
PT Borneo Lumbung Energi & Metal Tbk intends to sell 10% - 20% stake in PT Asmin Koalindo Tuhup (AKT) to pay off a $1 billion debt installment to Standard Chartered Bank. Alexander Ramlie, President Director of Borneo Lumbung, said the company intends to pay off its debts on time to lower interest cost. Alexander said, "We might also use the divestment proceeds to expand and invest. We expect the AKT’s stake hold sales to be completed by 2012-end." Alexander also added that five investors have expressed interests to buy AKT’s shares without disclosing their names.
POSCO In Talks To Acquire Koalindo
Sep 19 12
POSCO and other parties are in talks to acquire 20% stake in PT Asmin Koalindo Tuhup from PT Borneo Lumbung Energi & Metal Tbk. The deal is reportedly expected to be valued at around $500 million. The sale is reportedly Borneo’s strategy to reduce its $1 billion debt burden incurred in 2011 when it took a loan from Standard Chartered Bank. Borneo aims to complete the deal by the end of the year, a source with direct knowledge of the matter said. Reuters reported that POSCO confirmed that it was in early talks with Borneo but declined to give further details. Kenneth Allan, Director at Borneo confirmed that Borneo is open to sell up to 20% stake in Koalindo but declined to give any further details. "It's an ongoing process. We are talking to several potential parties, which are conducting due diligence, but no binding commitment yet," Allan said.
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