United Tractors provides loan to TTA
Saturday, September 8 2012 - 02:41 AM WIB
By Peni Pedriawan
PT United Tractors Tbk has provided a loan of US$51 million to its 100 percent owned subsidiary PT Tuah Turangga Agung (TTA) for its working capital and to finance its acquisition of PT Borneo Berkat Makmur (BBM).
The company said in a press statement on Friday that the two firms signed on Wednesday September 5 a term-loan agreement with interest set at 2.5 percent above SIBOR.
BBM has a 60 percent share ownership in PT Piranti Jaya Utama, which is a coal mining company with coal concession in Kapuas Tengah district of Kapuas regency in Central Kalimantan covering an area of over 4.800 hectares.
Editing by Benget Besalicto Tnb.