UT?s coal miner completes acquisition on BBM

By Ruli Setiawan

IDX-listed PT United Tractors Tbk (UT) said that its subsidiary PT Tuah Turangga Agung (TTA) has completed requirements for acquiring 100 percent shares of PT Borneo Berkat Makmur (BBM).

It said that TTA has signed deed of sale and purchase agreement to acquire remaining shares of 100,000 shares or 0.83 percent of shares issued by BBM.

?After the signing of deed of sales and purchase agreement, TTA has officially become the 100 percent shares owner in BBM,? the company said in a statement to the IDX.

United Tractors earlier reported that it provided a loan of US$51 million to its 100 percent owned subsidiary TTA for its working capital and to finance its acquisition of BBM.

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 Adianto P. Simamora