United Tractors (UNTR), subsidiary of Astra International (ASII) engaged in construction machinery, mining contracting, coal mining, and EPC business, said PT Danusa Tambang Nusantara (Danusa) owned by UNTR and Pamapersada (UNTR’s subsidiary), acquired Martabe gold mine in North Sumatra from Agincourt Resources Pte. Ltd.
UNTR has on Wednesday (Aug 8) signed deals with investment consortium led by EMR Capital; to takeover 95% shares of Agincourt for US$917.9 million, equivalent Rp13.22 trillion, and (UNTR-Pama) providing loan of US$325 million, equivalent Rp4.68 trillion, for Agincourt. The rest 5% of Agincourt is held by PT Artha Nugraha Agung (represented for South Tapanuli regency with 70% ownership and Nort Sumatera province with 30% interest).
UNTR’s President Director Gidion Hasan said, as quoted by Bisnis.com, that the Company opts to diversify its business portfolios, instead to rely on thermal coal business. UNTR also plans to expand its mineral bussiness such as cooking coal.
Sitting over huge cash of Rp17.5 trillion, UNTR is well positioned to finance a major acquisition. UNTR used Rp4.29 trillion of its cash for acquisition of fixed assets in the first half, jumped from Rp2.84 trillion in the same period last year.
UNTR, as you know, is partner of Sumitomo Corporation in the development of 2×1,000 MW coal-fired power plant in Central Java. In the gold mining business, the company is scheduled to start pouring gold from PT Sumbawa Jutaraya in West Nusa Tenggara next year.