United Tractors (UNTR) Increases Ownership in Pandu Engineering

ISSUER NEWS - JAKARTA. PT United Tractors Tbk (UNTR) has increased its share ownership in one of its subsidiaries, namely PT United Tractors Pandu Engineering (UTPE). UNTR increased its ownership by 145,000 shares, effective from February 21, 2024.

After this increase in ownership, UNTR holds as many as 841,774 shares in UTPE. The subsidiary of PT Astra International Tbk (ASII) owns as much as 99.99988% of the shares in UTPE. 

The transaction value of this action is IDR 145 billion. "The purpose of United Tractors in increasing share ownership in UTPE is to meet the working capital funding needs of UTPE," said United Tractors Corporate Secretary, Sara K. Loebis in an information disclosure, Friday (23/2).

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In addition to UNTR's share ownership in UTPE, the affiliation between the two is also shown from the similarity of management after the increase in share ownership. Loudy Irwanto Ellias, who serves as a director at UNTR, holds the position of President Commissioner at UTPE.

Then, there is Iwan Hadiantoro, a director of UNTR who becomes a commissioner at UTPE. For information, UTPE operates in the field of engineering and manufacturing of heavy equipment components and attachments. UTPE also has a subsidiary related to coal transportation via sea and river.

From the stock movement side, UNTR closed trading on Friday (23/2) with a weakening of 1.41% to a price level of IDR 22,800 per share. The current price level reflects a thin strengthening of 0.77% year to date.