Jul 21, 2010

Tuah Turangga buys ABP US$15.9 mio

Komatsu heavy equipment PT United Tractors Tbk (UNTR) through a wholly owned subsidiary PT Tuah Turangga Agung has acquired 60% stakes in PT Agung Bara Prima (ABP) worth US$15.9 million.
According to United Tractors's Corporate Secretary Sarah K. Loebis, Agung Bara Prima is estimated to have coal deposits of 10 million tons. "Agung Bara's mining is still green field," said Sarah as quoted by Kontan daily today.
Next year, Agung Bara has targeted to produce 1 million tons of coal annually. United Tractors is underway to close acquisition deal of mining company with 20 million of coal reserves.

Disclosure: No position at the stock mentioned above.

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