Deadline for Berau coal transaction can be extended

The transaction for the purchase of PT United Tractor's 60 percent shares in East Kalimantan-based coal producer PT Berau Coal can be extended to August, this year if the buyers could not meet the July deadline, Bisnis Indonesia reported on Monday.

"If the transaction can be implemented at the end of July, the deadline could be extended until August," UT's corporate secretary Tjandrawati Waas. She, however, said that the process of the share transaction has so far faced no important problems.

PT Armadia Tritunggal, one of the existing shareholders of PT UT, and PT Indika Inti Corporation have agreed to take over UT's 60 percent shares in Berau coal company.

Tjan said that although Armedia, as one of shareholders, has the privilege to buy UT's shares, both the company and the other bidder Indika should meet all the term and condition set by UT. (*)