Pama acquires C. Kalimantan coal mines
Tuesday, May 3 2011 - 01:11 AM WIB
PT Pamapersada Nusantara (Pama), a unit of IDX-listed heavy equipment distributor and miner PT United Tractors Tbk, has finally acquired a 30 percent stake in Central Kalimantan coal miners PT Asmin Bara Bronang (ABB) and PT Asmin Bara Jaan (ABJ).
Pama has signed the acquisition deal in the third week of last month, United Tractors's corporate secretary Sara Loebis told Petromindo.com on Tuesday.
She did not give further details about the transactions.
According to the earlier statement, Pama will pay a total of US$40.1 million and Rp 75 million for the acquisition. It has made an advance payment totalling $11.6 million with the arrears to be paid later after all terms of acquisition have been agreed upon. (denny)