Oct 19, 2011

UNTR closes Duta Sejahtera takeover

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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