UT completes acquisition of coal firm
Tuesday, March 28 2017 - 02:06 AM WIB
Petromindo|Khalsa
IDX-listed heavy equipment and mining firm PT United Tractors Tbk (UT) announced Monday that its wholly-owned subsidiary PT Tuah Turangga Agung (TTA) has completed the acquisition of 80.1 percent shares in coal mining company PT Suprabari Mapanindo Mineral (SMM).
UT said in a statement that TTA has fulfilled all the conditions set under a conditional shares and purchase agreements (CSPA), which were signed in October of last year by the latter and Vasse Holdings Pte, PT Cipta Olah Alam Lestari, and individuals Salman Ernawan and Eddy Winata as the seller of the SMM shares.
UT said that the transaction is worth US$45.73 million.
SMM has coal mines located in Central Kalimantan, with operation started in December of 2014, producing both semi-hard coking coal and high quality steam coal.
Editing by Reiner Simanjuntak