Aug 5, 2010

United Tractors seals US$135 m loan

PT United Tractors Tbk (UNTR) and wholly owned PT Pamapersada Nusantara, Indonesia's largest coal mining contractor, have secured US$135 million of loan facilities from three foreign banks.
"We have signed loan facilities agreement with several banks. We can use the facilities to support working capital," United Tractors Corporate Secretary Sara K. Loebis, said as reported by today.
United Tractors has signed loan facility agreement worth US$20 million with Sumitomo Mitsui Banking Corporation Singapore on July 16 2010.
United Tractors, distributor of Komatsu heavy equipment, has secured loan facility worth US$20 million from Mizuho Corporate Bank Ltd on July 23 2010.
Pamapersada has sealed loan facilities worth US$25 million, US$20 million, and US$50 million from Mizuho Corporate Bank, Citibank, and Sumitomo Mitsui respectively on July 2 and 9 2010.
United Tractors on July 15 2010 through subsiriary PT Tuah Turangga Agung, had aquired 60% stakes in coal mining company PT Agung Bara Prima with a total purchase price consideration of US$15.9 million. 
Agung Bara Prima owns an area of approximately 1,365 hectares in Buhut Village, Central Kapuas Subdistrict, Kapuas Regency, Central Kalimantan Province. Agung Bara is still in exploration stage. 
During the first half this year, United Tractors posted a 30.26% jump of consolidated revenue from Rp13.88 trillion in the first half last year to Rp18.08 trillion.
Machinery construction was the biggest contributor for the company's revenue by making Rp8.23 trillion, while coal mining contracting and coal mining contributed Rp8.19 trillion and Rp1.43 trillion respectively. UNTR's operating profit slightly rose 2.71% from Rp2.58 trillion in the first half last year to Rp2.65 trillion. Bottom line increased 1.07% from Rp1.87 trillion or Rp563 per share to Rp1.89 trillion or Rp567 per share in the first half this year. 

Disclosure: No position at the stock mentioned above.  

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