JAKARTA - PT United Tractors Tbk (UNTR) raises IDR 176.17 billion for PT Bina Pertiwi Energi (BPE), its subsidiary, through another subsidiary, PT Energia Prima Nusantara (EPN). Capital injection process will be concluded on December 31, 2024.

In said transaction, EPN will take over the entire 88,944 new shares issued by BPE. With this latest acquisition, EPN will gain control over a total of 391,499 shares of BPE.

Sara K. Loebis, Corporate Secretary of UNTR, mentioned that this capital increase is aimed to meet BPE’s working capital needs.

Loebis further confirmed that this transaction is an affiliated transaction as BPE is UNTR’s subsidiary under 51% ownership through EPN.

“The transaction involves parties that share the same management. However, this is not a material transaction and does not induce any conflict of interest in Financial Services Authority Regulation (POJK) No. 17/POJK.04/2020,” explained Loebis.

For the record, Frans Kesuma, President Director of United Tractors, also acts as President Commissioner of EPN.

In addition, Iwan Hadiantoro and Vilihati Surya, both Directors of UNTR, also take office as President Director and Commissioner of EPN, respectively. Hadiantoro is also listed as President Commissioner of BPE.

With this transaction, UNTR, through EPN, is emphasising its commitment in promoting BPE’s growth in the energy sector. (DK/ZH)