PT Kariangau Power – an indirect subsidiary of mainboard-listed coal shipper Manhattan Resources – is selling two land parcels in Kariangau Village, Balikpapan in East Kalimantan for close to RP 271.3 billion ($25.7 million) in an interested person transaction.

Manhattan Resources holds 86.1% in PT Kariangau. The power plant operator, plans to sell the parcels – which have a combined area of over 271,270 sq metres – to PT Dermaga Perkasapratama, a company which is 87.4% owned by Bayan Resources. 

The latter’s shareholders include Low Tuck Kwong – the controlling shareholder of Manhattan Resources – and his son Low Yi Ngo – chief executive and managing director of Manhattan Resources.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories


    Stay updated with Singapore corporate news stories for FREE

    Follow our Telegram | Facebook