Jakarta - PT MNC Energy Investments Tbk (IATA) business entity, PT Bhakti Coal Resources (BCR), has signed a sale and purchase agreement to acquire the remaining 46.16% shares of PT Putra Muba Coal (PMC) through its subsidiary, PT Sumatra Resources (SR).

After this acquisition, SR will own 100% of PMC from previously only 53.84%.

"This step is in line with the company's ambition to strengthen its position in the energy sector, particularly coal mining," said IATA Corporate Secretary Andi Tentri Dala through an information disclosure on Monday (4/11).

PMC has reserves of 54.8 million MT from the 2,947 ha concession, which is located in Musi Banyuasin Regency, South Sumatra.

PMC plans to increase its production from 2 million MT in 2021 to 4.5 million MT in 2022. PMC alone accounts for 58% of BCR's total production target of 7.8 million MT this year. This acquisition will certainly increase IATA's profitability.

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