PT United Tractors Tbk (UNTR) agreed to allocate US$100 million to its coal subsidiary dubbed PT Tuah Turangga Agung (TTA).The US$100 million was part of rights issue proceed done by United Tractors.
Referring to the agreement, United Tractors has option to subscribe new shares worth US$100 million to be issued by TTA in a bid to raise capital.
Bukit Enim takeover
United Tractors, via its wholly owned subsidiary PT Pamapersada Nusantara, has completed a 20% shareholding acquisition on PT Bukit Enim Energi.
Bukit Enim is located in Palembang and has managed coal mining area in Muara Enim, South Sumatra. Following the acquisition, Pamapersada is currently in talks with shareholders of PT Asmin Bara Bronang and PT Asmin Bara Jaan to raise stake to 60%.
Pamapersada is holding 30% stake in Asmin Bronang and Asmin Jaan, coal concession holders in Kapuas and Murung Raya, Central Kalimantan.
Disclosure: No position at the stock mentioned above.
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