Coal miner PT Tuah Turangga Agung (TTA), a wholly owned subsidiary of PT United Tractors Tbk (UNTR), has entered into an agreement to acquire the remaining 40% stake of coal miner PT Agung Bara Prima at consideration price of US$10.60 million.
In an official statement today, TTA has signed the agreement on August 24 2011. Following the agreement, TTA has controlled the whole stake in Agung Bara Prima.
Agung Bara is a company focusing in coal mining and has a mining license based on the decree of Kapuas Regional Head on July 20 2011. The company has 1,271 hectares of coal concession in Buhut village, Central Kapuas, Central Kallimantan.
In June last year, TTA also entered into conditional sale and purchase agreement in a bid to acquire 60% stakes of Agung Bara Prima worth Rp306 million. In a public announcement to Indonesia Stock Exchange (IDX), Tuah Turangga has signed the agreement on June 9 2010. United Tractors is majority-owned by Indonesia's largest automotive distributor PT Astra International Tbk (ASII).
Disclosure: No position at the stock mentioned above.
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