Pamapersada completes acquisition of C. Kalimantan miners

By Ruli Setiawan

IDX-listed heavy equipment distributor and miner PT United Tractor (UT) said in a statement on Tuesday that its subsidiary PT Pamapersada Nusantara has completed the acquisition of an additional 15 percent stake in Central Kalimantan coal miners PT Asmin Bara Bronang (ABB) and PT Asmin Bara Jaan (ABJ).

Pamapersada paid US$80 million for the ABB stake, and Rp 37.5 million for the ABJ stake, UT said in a statement dated March 25. The acquisition increased the company?s shares in ABB and ABJ from 60.4 percent to 75.4 percent.

ABB and ABJ have coal mines in Murung Raya and Kapuas regencies. Both mines are affiliates of PT Arpeni Pratama Ocean Line Tbk. ABB has high quality coal with CV of around 6,800-7,000 kcal/kg, while ABJ's coal has CV of around 5,800-6,000 kcal/kg.

Editing by Reiner Simanjuntak