PT United Tractors Tbk (UNTR), heavy equipment distributor of Komatsu, through its subsidiary PT Tuah Turangga Agung, has entered into conditional sale and purchase agreement in a bid to acquire 60% stakes of Kapuas-based, Central Kalimantan coal mining company PT Agung Bara Prima worth Rp306 million.
In a public announcement to Indonesia Stock Exchange (IDX), Tuah Turangga has signed the agreement on June 9 2010.
United Tractors is majority-owned by Indonesia's largest automotive distributor PT Astra International Tbk (ASII)
According to United Tractors' President Director Djoko Pranoto, the closing of the acquisition deal will depend on accomplishment of terms and condition of the agreement.
"United Tractors entered into agreement to acquire 60% stakes or 612 shares at nominal value of Rp500,000 per share of Agung Bara Prima from its shareholder," he said.
Agung Bara Prima operates coal mine field in Buhut village, Central Kapuas, Central Kalimantan on the area of 1,365 hectares. Agung Bara Prima isn't an affiliated firm of United Tractors.
United Tractors has also signed acquisition agreement of PT Asmin Bara Bronang and PT Asmin Bara Jaan worth US$50 million at the end of last year.
United Tractors targets to close the deal with shareholders of both coal companies with PT Mandira Sanni Pratama, owner of PT Arpeni Pratama Ocean Line Tbk (APOL) and PT Andalan Teguh Bejaya in the last quarter this year.
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