Indika owner sell 10% shares

The owner of PT Indika Energy, Indonesia’s third-biggest coal miner, sold a 10 percent stake in the Indonesian coal producer for IDR1.9 trillion.

PT Indika Mitra Energi sold 521 million shares of Indika Energy at IDR3,675 a piece. Indika Mitra Energi owns 73 percent of Indika Energy.

The company expected an 83 percent increase in net profit in 2010 by lifting output 30 percent to meet demand from India and China. The higher production leading to net profit in 2010 of US$146.6 million, up from $79.9 million last year.

Indika expects to produce about 32 million tons of coal this year, with main mining unit PT Kideco Jaya Agung producing 29 million tons. Indika, also has two energy and mining engineering units, PT Petrosea and unlisted Tripatra Group