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nergy company PT Benakat Integra said on Wednesday that it had sold its entire stake in a mining subsidiary that owns a manganese concession in East Nusa Tenggara (NTT) as part of its business consolidation.

In a letter sent to the Indonesia Stock Exchange (IDX), Benakat Integra (BIPI) president director Wibowo Suseno Wirjawan said its subsidiary Benakat Mining had sold its 80 percent stake in PT Nusa Energy Raya to PT Trisurya Listas Energy for about Rp 3.6 billion (US$310,211).

'€œThe sales agreement was signed on Nov. 11,'€ he said.

Nusa Energy is the owner of a 1,015 hectare (ha) manganese concession in East Nusa Tenggara. The mine, with an estimated value of Rp 7.4 billion, has not yet begun production.

Prior to the divestment of Nusa Energy, Benakat Integra, which recently changed its name from Benakat Petroleum Energy, sold a number of subsidiaries as part of measures to focus on energy support and logistic business.

Last September, Benakat Integra agreed to sell its 100 percent stake in PT Benakat Oil and PT Indelberg Indonesia to Goldwater Indonesia Inc., a subsidiary of Singapore-listed Interra Resources Ltd., in a deal worth US$78.5 million.

Prior to the deal, another subsidiary Benakat Mining , which is 99.96 percent owned by Benakat Integra, entered an agreement to divest its 27.43 percent stake in coal miner PT Java Mitra Sentosa to PT Aiwa Artha Sejahtera for Rp 412 billion.

The company also sold its 99.8 percent stake in energy services provider PT Benakat Patina for $105 million. The funds raised from the sale were used to support the acquisition of PT Astrindo Mahakarya Indonesia for about $600 million.

Astrindo Mahakarya is currently Benakat Integra'€™s biggest asset. Astrindo, a mining infrastructure company, has major coal player clients in Indonesia, including PT Kaltim Prima Coal and PT Arutmin Indonesia.

The acquisition of Astrindo Mahakarya was concluded in June this year.

Benakat Integra'€™s growth has been particularly attributed to its acquisitions. In 2010, the company acquired a 37 percent stake in Jakarta-listed oil and gas services provider PT Elnusa. A year later, it
purchased 10.3 percent in petrochemical tanker company PT Buana Listya Tama.

Benakat Integra'€™s finance director Michael Wong said the company was projected to book a sharp increase in its revenue and net profit by the year end, thanks to the contribution from Astrindo Mahakarya.

The company reported Rp 272.5 billion in net profits during the first nine months of the year, jumping from Rp 20.14 billion in the same period a year earlier. The increased profit was supported by a sharp increase in revenues to Rp 1.49 trillion during the January to September period of the year versus Rp 273.1 billion the same period last year.

Shares in BIPI were unchanged at Rp 112 on Wednesday.