INTA to complete coal mines acqusition in 4th quarter
Thursday, August 4 2011 - 02:30 AM WIB
INTA is completing due diligence on the mines and expects to complete the acquisition on the fourth quarter, Petrus Haunt, the company's president director said as quoted by Kontan. Haunt did not give details on the size of the mines nor the acquisition value but the mine is located in coal-rich East Kalimantan province in Borneo island.
"We will acquire more than one mines," said Haunt without giving details.
The company plans to hold rights issue which part of the proceed will be used to finance the acquisition, he added.
The company will also get loan from banks to finance the acquisiton.
The planned acqusition of coal mines is part of the company's efforts to shift focus of its business to natural resources on top of its current heavy-equipment business.
Aside from heavy-equipment unit, INTA also provides financing for purchasing heavy-equipment through its unit Intan Baruprana Finance (IBF).
INTA also leases heavy-equipment to customers through its unit Terra Factor and has a mining solution business through Kasuari as well as an engineering solution business by its unit PT Columbia Chrome Indonesia
As of June 2011, revenue from heavy-equipment business accounted for 86 percent of INTA's total revenue.
"Revenue from mining business will be higher in the future," said Hunt. (*)