TTA provides $220m loan to newly acquired coal subsidiary
Thursday, March 30 2017 - 05:15 AM WIB
By Romel S. Gurky
IDX-listed heavy equipment and mining firm PT United Tractors Tbk (UT) said its wholly-owned subsidiary PT Tuah Turangga Agung (TTA) has provided loan worth US$220 million to its newly acquired coal mining firm PT Suprabari Mapanindo Mineral (SMM).
UT said in a statement that the loan agreement was signed on March 23. The eight-year loan will be used by SMM to repay debt to a third party, it added.
UT announced on Monday that TTA has completed the acquisition of 80.1 percent shares in SMM, which has coal mines located in Central Kalimantan, with operation started in December of 2014, producing both semi-hard coking coal and high quality steam coal.
Editing by Reiner Simanjuntak