DOIDs subsidiary acquired an Australian mining company for IDR 1.56 trillion

Through its subsidiary, PT Bukit Makmur Mandiri Utama (BUMA), PT Delta Dunia Makmur Tbk (DOID) had taken over Open Cut Mining East, an Australian-based mining company, for USD 110 million, equivalent to IDR 1.56 trillion (IDR 14,434/USD).

This transaction included the transfer of assets, obligations (including employee rights), employees, and business contracts from Open Cut Mining East to BUMA. For the record, Open Cut Mining East is one of the biggest mining contractors in Australia. It is a subsidiary of Downer EDI Ltd.

This acquisition was finalised in the agreement between the purchaser and the buyer on Monday (11/10). BUMA is said to pay Downer an initial deposit of AUD 16 million. The remaining amount will be transferred once the transaction is concluded.

The management of Downer Group targeted the divestment transaction of Open Cut Mining East to BUMA to be completed before 2021 ends.

Source: https://www.idnfinancials.com/news/40892/doids-subsidiary-acquired-australian-mining-company-idr