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.

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