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'Donald Trump of Indonesia' digs deeper into coal

Media conglomerate MNC seeks quick gains from surging prices of commodity

MNC Group hopes to take advantage of rising coal prices to expand its business in the sector. (Source photos by Reuters and screenshot from MNC Group's website) 

JAKARTA -- Indonesian media conglomerate MNC Group on Thursday announced moves to significantly expand its coal business amid expectations of continued high prices for the commodity this year.

MNC is turning its publicly listed charter flight subsidiary into an energy holding entity with focus on coal mining, changing the name from Indonesia Transport & Infrastructure to MNC Energy Investments. The company's code at the Indonesia Stock Exchange will remain as IATA. The business reorientation and renaming were approved at IATA's extraordinary general shareholders' meeting on Thursday.

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