Toba Bara makes peace with PKU
Friday, July 27 2012 - 11:22 AM WIB
IDX listed PT Toba Bara Sejahtera Tbk recently stated that its 51 percent and 99.92 percent owned subsidiaries PT Adimitra Baratama Nusantara and PT Trisena Mineral Utama have on July 25 signed a peace treaty and land utilization deal with PT Perkebunan Kaltim Utama I (PKU).
"This is to solve the overlapping areas between our subsidiaries' IUP and PKU's Certificate of Leasehold (SHGU)," the company said in a statement submitted to the Indonesian Stock Exchange.
A number of key items stated within the deal are the three companies' agreement to put an end to all legal issues and efforts concerning the overlapping areas, as well as having PKU allowing both Toba's subsidiaries to use several areas which leasehold certificates have previously been acquired by PKU, namely SHGU No.32/Tani Bhakti, Measurement Letter No.1049/HGU/2009 dated 30 July 2009; SHGU No.33/Tani Bhakti. Measurement Letter No.1050/HGU/2009 dated 30 July 2009: SHGU No.34/Tani Bhakti, Measurement Letter No.1051/HGU/2009 dated 30 July 2009; SHGU No.35/Jawa, Measurement Letter No.1052/HGU/2009 dated 30 July 2009; SHGU No.36/Jawa & Dondang, Measurement Letter No.1053/HGU/2009 dated 30 July 2009; as well as SHGU No.37/Teluk Dalam, Measurement Letter No.1054/HGU/2009 dated 30 July 2009.
These cover an accumulated area of 8,633.89 hectares, which will be handed back to PKU once Toba Bara completed its mining operation in the area.
Toba stated to pay a compensation fee totaling to Rp14,861,111,111 to PKN (Rp148.611.111.111 worth of compensation fee plus 10 percent VAT) to be paid within a week or three week the latest after the date of the deal signing.
Editing By Audy Zandry