United Tractors injects Rp300 billion into BP

JAKARTA. PT United Tractors Tbk (UNTR) took 1.2 million new shares issued by PT Bumi Pertiwi (BP), for Rp300 billion.

Sara K. Loebis, Corporate Secretary of UNTR, said that the transaction was an affiliated transaction, since UNTR already hold some BP shares and there are similarities in the management of UNTR and BP.

At present, the company controls 99.99% of BP shares, equivalent to 2 million shares with a total value of Rp500 billion. While the rest is owned by PT United Tractors Pandu Engineering, a subsidiary of UNTR.

Loebis added, BP will use the funds to support its operations. (KR/AR)