UT to decide planned acquisition of two coal firms next year

IDX-listed heavy-equipment distributor and coal mining firm PT United Tractors (UT) Tbk expected that the decision on whether to acquire two mining companies located in East Kalimantan and Central Kalimantan would be made in the first quarter next year.

?We are still waiting for report of ongoing due diligence (on the two companies). We hope the decision (on the acquisition) would be made in first quarter next year,? Gidion Hasan, director of mining division at the United Tractors said on Friday.

He declined to elaborate the name of the two companies.

Gidion said that the acquisition of new mining companies would be one option for the company to expand its business on coal mining in the future. (adianto)