Pamapersada buys out coal firms for $34m
Tuesday, January 30 2007 - 10:01 AM WIB
PT Pamarpersada Nusantara, a subsidiary of PT United Tractors Tbk, has bought out several coal mining and marketing firms worth a total of US$34 million.
The coal mining companies are PT Nusantara Citra Jaya Abadi (NCJA), PT Eka Yanatama (EY), PT Kadya Caraka Mulya (KCM), which all have concession in Rantau, Banjar regency, South Kalimantan province. The three companies is partly owned by Malaysia?s Tenaga Nasional Berhad through its subsidiary PT. Dasa Jasa Ekatama (DEJ).
It has also bought PT Prima Multi Mineral (PMM), which has a contractual right to operate the coal mines of the three firms as well South Kalimantan province-owned mining company PD Baramarta, United Tractors said in a statement to the Jakarta Stock Exchange on Tuesday.
In addition, Pamapersada also bought British Virgin Island-based Scenic Worldwide Limited which has entered into an exclusive contract to market the coal products of NCJA, EY, KCM and PMM.
Transactions to purchase all the companies have been completed, except for Scenic Worldwide, for which Pamapersada has yet to sign a purchasing deal with the owner of the company, according to the statement. (*)