MEJA Matangkan Plans to Acquire Coal Mines in Q3-2026

JAKARTA - PT Harta Djaya Karya Tbk (MEJA) is finalizing plans to expand into the mining sector through a plan to acquire 45 percent of PT Trimitra Coal Perkasa (TCP).

This fantastic value transaction is estimated to reach IDR 1.6 trillion, or equivalent to 15 times the total assets of the Company as of June 2025 which was recorded at IDR 107.08 billion.

In a response letter to the Indonesia Stock Exchange (IDX) dated February 13, 2026, HDK Management provided an in-depth explanation of the background and projections of the corporate action.

Harta Djaya Karya President Director Richie Adrian Hartanto explained that the acquisition value of IDR 1.6 trillion was based on the initial agreement which referred to similar transactions with other parties previously.

Although this value is considered large compared to the Company's assets, management emphasizes that the figure is still subject to change following the results of the assessment from the Public Appraisal Service Office (KJPP) which is currently in the appointment process.

"The Company believes that the acquisition of 45 percent of TCP's shareholding will provide concrete valuation benefits to the Company and shareholders," said Richie in a statement to the media, Thursday, February 19.

Furthermore, he explained, PT Trimitra Coal Perkasa (TCP) is a potential player in the coal sector with large-scale assets in South Sumatra.

It is known that TPC has a concession area of 11,640 hectares. Meanwhile, the estimated coal resources reach 693.7 million tons.

TCP also has a standby buyer, namely Argo Energy Pte. Ltd., which is part of the Banpu Group with a contract for one year.

Richie emphasized that this transaction will be carried out through a share swap mechanism by gradually contributing shares, in accordance with the development of TCP production.

The first phase of this acquisition is targeted to be completed in the third quarter of 2026.

Responding to concerns about the potential for reverse acquisitions or backdoor listings, he emphasized that definitively this transaction does not change the company's controller.

"The controlling shareholder of HDK will continue to hold control after the acquisition is completed," he said.