Investor Daily quoted Mr Arsjad Rasjid president of PT Indika Energy as saying that it wants to acquire Straits Asia Resources Limited. The acquisition through tender will cost around USD 800 million.

Strait Asia, a subsidiary of Straits Resources Limited, has a coal mine in Kutanegara, East Kalimantan and a coal mining concession in Pulau Sebuku in South Kalimantan.

Indika is expected to meet strong competition from the Hong Kong based commodity and shipping company Noble Group in the acquisition bid.

(Sourced from www.investors.com)