The Jakarta Post reported that publicly listed heavy equipment distributor PT United Tractors subsidiary PT Tuah Turangga Agung has reached a deal to take over 100% stake in PT Borneo Berkat Makmur for USD 51 million.

In a file submitted to the Indonesia Stock Exchange, UNTR said that Tuah Turangga and Borneo Berkat signed a conditional sales and purchase agreement on August 9th 2012.

Borneo Berkat holds 60% stake in PT Puranti Jaya Utama, which has coal mining concession of 4,800 hectares in Kapuas Tengah district, Kapuas regency, Central Kalimantan.

Sara K Loebis corporate secretary of UNTR said that “The completion of the transaction will depend on the fulfillment of all requirements stated in related laws.”

Source - The Jakarta Post

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