Bumi Resources, a coal miner controlled by the Bakrie Group, acquired three smaller coal miners through a debt-to-equity conversion valued at 1.25 trillion rupiah ($102 million), Bumi said in a statement filed with the Indonesia Stock Exchange on Monday, Jakarta Globe reported.
Bumi’s subsidiary, Citra Prima Sejati, acquired stakes in PT MBH Mining, PT Buana Minera Harvest, and PT Mitra Bisnis Harvest on Nov. 28, said Dileep Srivastava, a director at the company.
The three firms currently hold coal mining permits in South Sumatra province. Bumi Resources expects coal sales until the end of 2013 to reach 81 million to 82 million tonnes and is targeting sales of 88 million to 89 million tonnes next year.
Bakrie Group is owned by the family of Aburizal Bakrie, a controversial Indonesian tycoon who also has presidential ambitions.
($1 = 12,175 rupiah)
Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Jakarta Newsroom; Editing by Anupama Dwivedi)