Bayan Resources purchases assets from subsidiary for IDR 940.81 million

16 April 2021 19:04

JAKARTA. PT Bayan Resources Tbk (BYAN), a company that owns coal mines in East and South Kalimantan, announced the purchase of assets from one of its subsidiaries, namely PT Gunungbayan Pratamacoal (GBP).

The assets purchased are in the form of land and buildings with an area of ??85 square meters and 175 square meters, respectively. The location of land and buildings is in East Balikpapan, Balikpapan City, East Kalimantan Province.

"The company bought these assets from GBP in order to meet the needs of administrative office space," said Dato 'Dr. Low Tuck Kwong, President Director of BYAN.

In an information disclosure on the Indonesia Stock Exchange today, Kwong added that the asset sale and purchase transaction does not exceed 0.5% of BYAN's total equity. According to idnfinancials.com data, BYAN's total activities were recorded at US$ 861.55 million as of December 31, 2020. (KR/LM)

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