Jakarta - PT Indonesia Transport and Infrastructure Tbk (IATA) has signed a binding sale and purchase agreement (PPJB) with PT MNC Investama Tbk (BHIT) to acquire a 99.33% stake in PT Bhakti Coal Resources (BCR).

According to IATA's disclosure on Thursday (2/12), IATA and BHIT agreed that the purchase transaction price for 99.33% BCR was US$140 million, 23% lower than the valuation of BSPC and PMC.

Meanwhile, the purchase price includes seven other mining business permits (IUP).

IATA will finance the acquisition through the Pre-emptive Rights or rights issue, and it will complete the entire transaction process in the first semester of 2022.

BCR holds nine coal companies with mining licenses located in Musi Banyuasin, South Sumatra.

BCR, including PT Bhumi Sriwijaya Perdana Coal (BSPC) and PT Putra Muba Coal (PMC), own mining licenses in the production stage, with an estimated production of 2.5 million metric tons this year. Meanw