Dec 10, 2010

UNTR completes Asmin Bara take over

PT United Tractors Tbk is completing requirements for acquiring PT Asmin Bara Bronang and PT Asmin Bara Jaan.
Corporate Secretary of United Tractors Sara Lubis said that the acquisition process just entered signing of Conditional Sales Purchase Agreement (CSPA) and it still fulfills the required documents for the corporate action.
Sara on the other hand confirmed no target for the acquisition completion and refused to give further details.
Heavy equipment distributor of Komatsu brand which has servd mining companies since two years ago, predicts the acquisition to be accomplished in the end of this year.
The fund required for the acquisition is about US$100 million. Then, a half of total funding need will be covered by the remaining fund from the rights issue at US$50 million. The rest is likely derived from internal cash or bank loan.
In early August last year, the UNTR-coded stock company and its subsidiary, PT Pamapersada Nusantara, Indonesia’s largest coal mining contractor, gained a US$135 million loan facility from three foreign banks allocated for the working capital.

Disclosure: No position at the stock mentioned above.
 
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