Tuah Turangga signs $51m deal to acquire Borneo Berkat
Tuesday, August 14 2012 - 01:24 AM WIB
IDX-listed heavy equipment distributor PT United Tractors (UT) announced that its subsidiary PT Tuah Turangga Agung (TTA) has signed a sales and purchase agreement to acquire 100 percent stake in PT Borneo Berkat Makmur (BBM) for US$51 million.
The agreement was signed on August 9.
The company said in the statement to the IDX that BBM holds 60 percent stake in PT Puranti Jaya Utama, which has exploration permit in a coal mining concession covering 4,800 hectares in Barunang, Kapuas Tengah district, Kapuas regency, Central Kalimantan.
It said that the completion of the transaction will depend on the fulfillment of all requirements stipulated in related laws or regulations.
Editing by Adianto P. Simamora