Jakarta. Heavy equipment distributor United Tractors (UNTR) has announced the successful completion of its subsidiary, Danusa Tambang Nusantara (DTN), in acquiring a 70 percent stake in both Stargate Pacific Resources (SPR) worth Rp 3.18 trillion ($205.54 million) and Stargate Mineral Asia (SMA) valued at Rp 41.95 billion on November 30, 2023. The total transaction value amounts to Rp 3.22 trillion ($2.71 million).

DTN acquired 69.9991 percent of SPR shares from nickel holding company Anugerah Surya Pacific Resources (ASPR) and 0.0009 percent from Anugerah Surya Investama (ASI). Meanwhile, DTN acquired 69 percent of SMA shares from ASPR and 1 percent from SPR.

"The company effectively owns the shares in SPR and SMA since November 30, 2023," Corporate Secretary of United Tractors, Sara K Loebis, said in a filing on Tuesday.

Shares of UNTR tumbled 1.56 percent to Rp 22.075 as of Tuesday.

Previously, on Dec. 6, 2022, UNTR had informed the Financial Services Authority (OJK) about DTN signing a conditional share purchase agreement (CSPA). At that time, DTN planned to acquire 89.99871% of SPR shares owned by ASPR and 0.00009 percent by ASI, as well as 89% of SMA shares owned by ASPR and 1 percent by SPR.

However, the filing revealed that UNTR acquired only 70 percent of the shares in both SPR and SMA.

SPR operates in the nickel mineral mining sector, while SMA focuses on nickel mineral processing (smelter). SMA has plans to construct a ferronickel smelter in the Molore Village, Langgikima District, North Konawe Regency, Southeast Sulawesi Province.

SPR will supply raw materials for SMA's smelter. SPR holds a mining permit for an area of approximately 1,674 hectares with nickel ore reserves amounting to 24.7 million wet metric tons (WMT).

In the information disclosure on Oct. 18, 2023, UNTR stated that DTN successfully acquired ASPR with a transaction value of $104.9 million or approximately Rp 1.64 trillion. ASPR is the majority shareholder of SPR and SMA.