UNTR acquires coal company in $51m deal
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JAKARTA: Publicly listed heavy equipment distributor PT United Tractors (UNTR) announced on Monday that its subsidiary PT Tuah Turangga Agung has reached a deal to take over 100 percent stake in PT Borneo Berkat Makmur for US$51 million.
In a file submitted to the Indonesia Stock Exchange (IDX), UNTR said that Tuah Turangga and Borneo Berkat signed a conditional sales and purchase agreement on Aug. 9.
Borneo Berkat holds 60 percent stake in PT Puranti Jaya Utama, which has coal mining concession of 4,800 hectares in Kapuas Tengah district, Kapuas regency, Central Kalimantan.
“The completion of the transaction will depend on the fulfillment of all requirements stated in related laws,” UNTR corporate secretary Sara K. Loebis said in the file.