Publicly listed Atlas Resource has agreed to divest 100 per cent stakes in unit Berau Bara Energi to local firm Andalan Satria Permai. In another development, Berau Coal Energy has announced that it will acquire Rosan Roeslani-controlled Revessel Indonesia.
Atlas Resources has agreed to offload 100 per cent of stakes in Berau Bara Energi (BBI) owned by the company and subsidiary Optima Persada Energi to local firm Andalan Satria Permai for Rp50 billion. The share sale agreement was signed on February 13, according to corporate secretary Lidwina Nugraha.
“There are no significant financial, operational, nor legal impact from this transaction,” Nugraha said in a press statement.
In September 2016, Atlas Resources’ sales declined to $10.2 million from $19.1 million. Meanwhile, net loss was cut to $12.1 million from $17.7 million in the same period previous year.
Berau Coal will take over Revessel Indonesia from Recapital Advisors and Tripillar Guna Perkasa, the company said in a filing to the Indonesian Stock Exchange (IDX).
Edy Santoso, Berau Coal finance director, said that the deal is part of the settlement agreement between Indonesian businessman Rosan Roeslani, Asia Resource Mineral Limited, and Berau Coal, who were involved in a dispute since 2014. However, he declined to reveal further details on the transaction.
Berau Coal Energy is Indonesia’s fifth largest coal producer, and has just recently joined the World Coal Association (WCA), the only internationally body on coal. Berau was established in 1983 and now operates three mines in Lati, Binungan and Sambarata. Currently, Berau Coal Energy’s biggest market is China, which accounts for 44 percent of the company’s total sales.