Trada Alam completes acquisition of SMRU

By Romel S. Gurky

IDX-listed mining firm PT Trada Alam Minera Tbk announced Tuesday it has completed the acquisition of a 50.10 percent stake in IDX-listed PT SMR Utama Tbk (SMRU), which owns coal mining contractor PT Ricona Abadi.

Trada said in a statement that it had on December 4 signed a sale and purchase agreement with PT Lautan Rizky Abadi for the acquisition of the SMRU shares worth Rp 3.13 trillion.

Trada said that the next step is for the company to launch tender offer for the remaining shares of SMRU as required under the stock market regulations.

The acquisition of SMRU forms part of move by Trada (formerly known as PT Trada Maritime Tbk) to switch core business from shipping to coal mining.

Trada is also set to acquire 99.9 percent shares in PT Semeru Infra Energi (SIE) and PT Black Diamond Energi (BDE), which own coal mining firm PT Gunung Bara Utama (GBU), which operates a 5,350 ha coal concession in Kutai Barat Regency, East Kalimantan Province. The mine has reserves of 64.85 million tons, and resources of 264.04 million tons, with calorific value of 5,200 Kcal ? 5,400 Kcal/kg ARB.

Editing by Reiner Simanjuntak