Trada Maritime plans to acquire coal firm
Friday, July 28 2017 - 09:03 AM WIB
IDX-listed shipping and marine transportation services firm PT Trada Maritime Tbk announced Friday it plans to acquire 100 percent of East Kalimantan coal mining firm PT Gunung Bara Utama (GBU).
Trada said in a statement that the company had signed a MoU on July 27 with GBU shareholders, under which the former will indirectly acquire 100 percent of the latter firm.
?The acquisition price will be later determined following completion of due diligence on GBU this year,? Trada said in the statement. No further details were provided.
GBU operates a 5,350-ha coal concession in Dumai, West Kutai Regency, and has already been in production.
Trada in the past had provided tug-and-barge services for GBU.
Editing by Reiner Simanjuntak