Bukit Asam Eyeing Myanmar Market

TEMPO.CO, Jakarta - State-owned coal mining company PT Bukit Asam (Persero) Tbk plans to expand its businesses to Myanmar along with the country's huge market potential. Bukit Asam is currently waiting for the issuance of investment licenses from the government of Myanmar.

"We are committed to investing (in Myanmar)," president director Milawarma said in Jakarta yesterday. Milawarma said that the company had submitted a letter of interest to the government of Myanmar. "We are targeting to have some clarity regarding our investment plans this year."

Milawarma said that Bukit Asam's expansion into Myanmar is based on three business potentials: coal mining development, coal power plant, and supplying to Myanmar's market.

Bukit Asam's corporate secretary Joko Pramono said the company has yet to decide the investment value. The company is still assessing whether or not it needs partners in the expansion plan. He said Bukit Asam might invite partners to build power plants and mine coals. "But the coal supply will come from us," Joko said.

This year, Bukit Asam is targeting to increase its coal sales volume by 35 percent to 22.68 million tons. As of the first quarter, the company had posted a 17 percent sales volume increase to 4.51 million tons.

On Thursday, April 25, Bukit Asam announced it a payout of a cash dividend of Rp1.6 trillion, 55 percent of the 2012 net profit. The company posted a net profit of Rp2.9 trillion in 2012, a 94.2 percent jump from the year before.

LINDA TRIANITA