PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera and PT Duta Nurcahya, highly calorie coal mining companies, in North Barito, Central Kalimantan.
Tuah Turangga has entered a conditional sale and purchase agreement on July 8 2011. Tuah Turangga has agreed to buy 60% shareholding in Duta Sejahtera.
"Referring to the agreement, the company has options to obtain 60% stake in Duta Nurcahya from the same seller," Corporate Secretary Sara K. Loebis at United Tractors, said as quoted by Investor Daily today.
According to her, the closing of the take over depends on the accomplishment of the conditions mentioned at the agreement. Sara said coal concession of both companies are still green field. Total coal resources of Duta Sejahtera and Duta Nurcahya are estimated 25 million tons-100 million tons with 6,000-6,300 calorie. "The mining is expected to commercially production in 2013 with 500,000 tons output."
Disclosure: No position at the stock mentioned above.
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