PT Citra Kebun Raya Agri Tbk plans to acquire PT Persada Indo Tambang as a strategy to turn around its business from agribusiness to general trading.
Director Yudhi Asmara Yasmine at Citra Kebun Raya said Persada Tambang is an iron ore company located in South Solok, West Sumatra.
"The takeover is intended to jack up financial contribution from Persada Tambang," he said as quoted by Bisnis Indonesia today.
Citra Kebun Raya will use the proceed of the sale of PT Horizon Agro Industry worth Rp750 billion to buy Persada Tambang.
The company sold 99.99% stake in Horizon Industry to PT Rajawali Agro Andalan Nusantara on August 5.
Disclosure: No position at the stock mentioned above.
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