United Tractor ready to acquire new coal mines
Thursday, April 19 2012 - 02:26 AM WIB
PT United Tractor Tbk, a mining and heavy equipment company of the Astra Group, will use a part of the proceeds from recent right issues to acquire new coal mines in order to further boost the company?s coal production.
The company?s Corporate Secretary Sara K. Loebis said in Jakarta on Wednesday about Rp 2.9 trillion of the proceeds of the rights issues totaling about Rp 6.02 trillion will be used to support the company?s plan to acquire coal mines.
She said that about Rp 4.73 trillion of the funds had been used as capital expenditures for, among others, expansion of PT Pamapersada Nusantara (PAMA) worth Rp 1.25 trillion and PT Multi Prima Universal worth Rp 1.63 trillion.
In addition, the company also used the funds for expansion of coal mine infrastructure and capital expenditures for PAMA and PT Tuah Turangga Agung. (*)