Five power generation companies plan to sell Indonesia mine at a low price, which made 10 trillion won in 3 years

It plans to sell half of its stake in PT Bayan Resources TBK, an Indonesian coal mine, by the year 23.
Rep. Kim Kyung-man “I will thoroughly investigate the circumstances that led to the sale plan.”

According to the new government innovation guideline for public institutions, half of the Indonesian coal mine, which has earned more than 10 trillion won in net profit in the past three years, has been sold for only 748 billion won.

As a result of checking the innovation plan submitted by the five power generation companies (Western Power, Southern Power, East-West Power, Korea Midland Power, and South-East Power) to the Ministry of Strategy and Finance, Rep. Kim Kyung-man (Democratic Party/Proportional Representative) belonging to the National Assembly Industry, Trade, and Resources Small and Medium Venture Business Committee confirmed, Each company announced that they would sell half of their stake in ‘PT Bayan Resources TBK’, an Indonesian coal mine, which each company owns 4% by 23 years.

The net profit of ‘PT Bayan Resources TBK’ owned by the five power generation companies reached 10.2536 trillion won over the past three years, and in particular, it earned 7.244 trillion won in last year alone. However, according to the innovation plan set up by the five power generation companies, they are currently selecting a sales advisory company to sell the net exhaust mine that lays these golden eggs, and they say they will sell it by the second half of next year.

In other words, each of the five power generation companies earned a net profit of 1.44 trillion won last year alone, and selling half of that stake means that they will sell their stake that generates more than 700 billion won in profits for 149.6 billion won, which is only one-fifth.

Rep. Kim Kyung-man said, “The international price of power generation fuels such as coal, oil and gas has soared more than five times compared to the beginning of the year, so the profit this year is expected to be bigger. Recently, the Ministry of Strategy and Finance issued guidelines to all public institutions not to comply with the National Assembly’s request to submit a public institution innovation plan.

Last July, the Ministry of Strategy and Finance announced the ‘New Government Innovation Guidelines for Public Institutions,’ which focused on reducing overlap with the private sector, reducing manpower, reducing budgets, and selling assets. Accordingly, all 350 public institutions submitted their innovation plans to the Ministry of Strategy and Finance by the end of last month.

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