JAKARTA: PT Multi Nitrotama Kimia (MNK), a unit of PT Ancora Indonesia Resources Tbk, obtained a procurement contract of ammonium nitrate worth US$75 million from PT Pamapersada Nusantara.
The transaction, equivalent to IDR702.03 billion, was stated in a disclosure to PT Bursa Efek Indonesia today, May 23. The contract is valid for 3 years. Pamapersada is a unit of PT United Tractors Tbk.
“The transaction worth more than 50% of company’s consolidated equity so it counts as material transaction,” said management in the disclosure.
The company also recognizes the transaction as exempted material as it is MNK’ main work. (T05/aph)