TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Inovisi to spend $40m to acquire coal miner
Jakarta-listed IT infrastructure provider PT Inovisi Infracom (INVS) is looking to diversify its business by acquiring a coal mining holding company based in South Kalimantan and East Kalimantan, with US$40 million in funds required for the corporate action
Change Size
J
akarta-listed IT infrastructure provider PT Inovisi Infracom (INVS) is looking to diversify its business by acquiring a coal mining holding company based in South Kalimantan and East Kalimantan, with US$40 million in funds required for the corporate action.
INVS said on Wednesday that it would issue $70 million in exchangeable bonds via its subsidiary, Singapore-based Code Wireless Pte. Ltd., to fund its expansion into the mining sector.
'Currently, the coal miner has been producing with a capacity of 3 million metric tons per year,' INVS said in a press statement made available to The Jakarta Post.
INVS did not disclose the name of the mining company, but said that the coal miner currently had two subsidiaries with coverage areas of 3,951 hectares and coal reserves potential of about 113 million metric tons.
'The acquisition of this coal mining company is projected to boost [INVS] net profit by 90 percent until the end of this year,' the statement reads.
