United Tractors places more investments in the power plant business
JAKARTA. PT United Tractors Tbk (UNTR) had invested additional capital in PT Bina Pertiwi Energi (BPE), an indirectly subordinate company of UNTR that operates in the power plant business.
The extra investment was channelled through UNTR’s other subsidiary, PT Bina Pertiwi (BP). Previously, BPE had raised its issued and paid-up capital by issuing 54,500 new shares. On this occasion, BP, as BPE’s controlling shareholder, took part by claiming the entire new shares.
After this capital raise, BPE’s total shares that are claimed by BP now amount to 98,999 units. These shares are valued at IDR 44.55 billion in total.
Sara K Loebis, Corporate Secretary of UNTR, explained that this capital boost is intended to support BPE’s business activities. “It is an additional working capital for BPE’s operational needs,” she added in the information disclosure earlier today (23/11).
Based on idnfinancials.com data, BPE had recently obtained a credit facility from BP of IDR 24.5 billion. Similarly, this facility would be utilised as BPE’s working capital.
For the record, BP is a company that focuses on heavy equipment trading. It was established in 1977 and recorded total assets of IDR 1.46 trillion by the end of September 30, 2021. On the other hand, BPE is a company running the power plant business. Formed in 2019, its total assets were reported to reach IDR 112.1 billion by the end of Q3 2021. (KR/ZH)