Coal contractor and heavy equipment supplier PT United Tractors Tbk (UNTR), through its coal miner subsidiary namely PT Tuah Turangga Agung, has completed a 60% acquisition on 60% stake in PT Duta Sejahtera worth US$11.5 million.
Corporate Secretary Sara K. Loebis at United Tractors said the closing was reached on October 14, allowing Tuah Turangga as the official owner of Duta Sejahtera. UNTR is now holding a coal concession in Central Kalimantan. It has used proceed from rights issue.
UNTR, a subsidiary of Indonesia's largest auto maker and distributor, is scouting a coal reserves of 500 million tons within the next 3 years, creating opportunity from several takeovers. Nowadays, the company manages 250 million tons of coal reserves.
Disclosure: No position at the stock mentioned above.
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