UT acquires gold mining firm
Wednesday, February 25 2015 - 04:07 AM WIB
By Tri Subhki R
IDX-listed heavy equipment company PT United Tractors Tbk (UT) said that its subsidiary PT Pamapersada Nusantara signed on February 20 a conditional sales and purchase agreement to acquire a total of 75.5 percent shares in mining firm PT Sumbawa Jutaraya (SJR).
The company said in a statement Tuesday that the total value of the acquisition was US$2.57 million.
Pamapersada acquired the SJR shares from PT United Gold Resources Pte Ltd (70%), and PT Sumbawa Mas Persada (5.5%), the statement added.
Pamapersada President Director Frans Kesuma told Petromindo.com that SJR is a gold mining firm, which operates in Sumbawa, West Nusa Tenggara province.
Editing by Reiner Simanjuntak