United Tractors acquires Kalimantan coal mines
Monday, March 1 2010 - 11:49 PM WIB
IDX-listed heavy equipment distributor and miner PT United Tractors Tbk said it has signed deal to buy 30 percent stake at Kalimantan coal miners PT Asmin Bara Bronang (ABB) and PT Asmin Bara Jaan (ABJ).
According to Kontan daily, the Company would pay a total of US$11.5 million for the acquisition.
The daily quoted United Tractors official Ary Setyawan as saying that the acquisition deal was signed in January and would be completed in 12 months subject to undisclosed terms and conditions.
According to Petromindo.Com data, ABB would start coal production in October 2010 with production capacity of 1.5 MT in 2011 and 3.5 MT in 2012, while ABJ would start production in 2011. Both companies will have combined production capacity of 10 MTPA within the next few years. (*)