April 26, 2011, 6.39 pm (Singapore time)
By ANGELA TAN
Construction-linked PSL Holdings Limited said on Tuesday that it is keen on investing in Indonesia's coal industry given its good growth potential and the positive outlook of the energy sector.
'This investment into the Indonesian coal business will provide an additional business leg for the PSL Group, and thus generate a stable and recurring income stream for the group,' Lee Cheng Peck, PSL's Group Managing Director said.
Mr Lee added that it will serve to boost PSL's earnings growth and help offset against the cyclical nature of the construction industry.
PSL will take a 11.5 per cent stake in Sindo Resources Pte Ltd, which will own PT Bubuhan Multi Sejahtera (BMS) - an Indonesian company with mining rights over at least 25 million MT of coal reserves in Sumatra, Indonesia.
Indonesian businessman, Charles Antonny Melati, will own 65 per cent of the total enlarged share capital of Sindo Resources.PSL will loan Mr Melati about US$3 million to fund his purchase of shares in BMS.(By BusinessTimes)
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