Wednesday, October 25, 2006

Failed Coal Mining Venture In Indonesia. TNB Looks For Exit Door.

The country's utility giant, Tenaga Nasional Bhd (TNB), may just dispose of its problematic unit, TNB Coal International Ltd, should the opportunity arise.

TNB's chief executive, Datuk Che Khalib Mohd Noh, said the Indonesian coal mining operation was relatively small compared to the company's overall business. "If the best opportunity arises and we think that it is the best solution, we will dispose of the (mining) company," he told Bernama in an interview here.

TNB holds 92.5 percent of TNB Coal, which has coal mining rights in Kalimantan. The rest of the firm is held by the coal mine concession owner, Robert Priantono Bonosusatya.

"If selling is the best option, (we will) sell, eventhough we have to make losses because the amount of losses are (considered) small," said Che Khalib.

**** Brave talk indeed for the chief executive of TNB, the idiots who took the decision to sink our good money into a foolish venture. The initial information regarding this misadventure came in early September and the estimates then were that TNB's losses stood at RM300 million. For more details into this episode click here.

As if such losses are not enough the latest news is that the TNB is poised for Aggressive Overseas Expansion. We wish them all the best.


Blogger mob1900 said...

I'm sure these losses will be pass unto consumers and tax payers. It seems TNB even get some femes bloggers for their cause.

6:29 PM GMT+8  
Blogger The Malaysian. said...

How right you are mob. Somewhere along the way they'll sneak all these losses onto our bills. I heard about the 'TNB bloggers' too.

6:43 PM GMT+8  

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