Monday, October 19, 2009

Prajogo acquire Transpacific Railway

Prajogo Pangestu has just bought major shareholding of PT Transpacific Railway Infrastructure which plans immediately to build coal transportaion project worth US$1.06 billion.
Prajogo, the ultimate shareholder of PT Barito Pacific Tbk, acquired shares of Transpacific Railway from the former shareholder through Thelveton Global Asset Limited.
Thelveton with 100 percent full possession of Prajogo has recently acquired the shares of Transpacific Railway from Coral Moon Resources, PT Handayani Bara Dinamika, and PT Transpacific Investama owned by Suganda Setiadi Kurnia.
Through Thelveton, Prajogo owns 100 percent shares of Magna Resource Corporation Pte Ltd which owns 52.13 percent shares of Barito Pacific. Prajogo through Thelveton also took over of PT Tri Polyta Indonesia Tbk shares last year.
Thelveton has made to public the acquisition of 4,000 stakes scheme of Coral Moon, 14,400 Handayani stakes, and 21,600 shares of Transpacific Investama in Transpacific Railway. However, not many knows the acquisition value.
Transpacific Railway is the joint venture established by PT Tambang Batubara Bukit Asam Tbk, Grup Transpacific, and China Railway Engineering. Transpacific Group owns 80 percent shares of Transpacific Railway. Meanwhile, Bukit Asam and China Railway possess 10 percent. Bukit Asam 5 August last year injected IDR910 million capital to Transpacific Railway to get 10 percent shares possession in the company.
Transpacific Railway will later develop 308 kilometers railway to transport coal from Banko Tengah to Lampung with the total project value worth US$1.06 billion (IDR9.86 trillion). Initially the transport capacity was 20 million tons of coal and could be increased onto 40 million tons.

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