Bukaka?s unit acquires 51% of MKAL
Tuesday, March 22 2016 - 02:29 PM WIB
IDX-listed engineering and construction firm PT Bukaka Teknik Utama Tbk announced on Tuesday that its subsidiary PT Bukaka Mandiri Sejahtera (BMS), which is 95 percent owned by the firm, has bought a 51 percent stake in PT Mitra Karya Agung Lestari. (MKAL).
BMS pays Rp 1.09 billion for the shares, the firm said, adding the acquisition is part of the company?s plan to develop smelter business.
The firm did not provide details regarding MKAL.
In June of last year, the firm, which relisted its shares on the Indonesian Stock Exchange last year following nine years of delisting, said it plans to develop a nickel smelter in Palopo, South Sulawesi, with total investment estimated at around Rp 400 billion.
Editing by Johannes Simbolon