Conglomerate Hary Tanoesoedibjo's Steps To Expand Coal Business Seizes Investors And IDX's Attention, IATA Shares Soar 152.3 Percent

PT Indonesia Transport & Infrastructure Tbk press conference. (Photo: Doc. MNC)

JAKARTA - Conglomerate Hary Tanoesoedibjo's move in developing the coal business through PT Indonesia Transport & Infrastructure Tbk (IATA), has received attention from investors since the beginning of this year. This is evident from the movement of IATA shares which has continued to strengthen since the end of 2021 until trading Thursday, February 10.

Citing trading data, IATA's shares, which at the end of 2021 were at the level of Rp65, have risen to Rp164. That is, IATA shares have jumped 152.3 percent.

The strengthening of IATA shares did not only grab the attention of investors. The Indonesia Stock Exchange (IDX) is also monitoring this.

Through a letter signed by the Head of the IDX's Transaction Supervision Division, Lidia M. Panjaitan and the Head of the IDX's Trading Operations and Regulations Division, Irvan Susandy, IDX assessed that there had been an unusual increase in IATA's share price (Unusual Market Activity/UMA).

Even so, the UMA announcement does not necessarily indicate a violation of the laws and regulations in the capital market sector.

However, IDX asks investors to consider various possibilities that may arise in the future before making investment decisions in IATA shares.

As is known, Indonesia Transport & Infrastructure officially changed its name to PT MNC Energy Investments Tbk. The company, which is owned by the conglomerate Hary Tanoesoedibjo, has also changed its main business activities from a commercial air transportation and air transportation service company, to an investment and holding company, particularly in the coal mining sector.

This change was made to mitigate losses due to the COVID-19 pandemic. IATA recorded operating revenues of USD 7.2 million in September 2021, up 15 percent compared to USD 6.3 million in September 2020.

However, this increase was followed by an increase in various operating expenses which resulted in a net loss of US$4.7 million for the period ended September 30, 2021, an increase of 118 percent compared to a net loss in the same period the previous year of US$2.1 million. US.

Considering that the aviation industry is still not recovering, IATA believes that expansion in new business fields is the solution to improve company value. Taking advantage of the momentum arising from the continuous spike in coal commodity prices and its increasing demand, IATA took a strategic step by venturing into the energy sector, particularly coal mining.

The company has also received approval from its shareholders to take over 99.33 percent of PT Bhakti Coal Resources (BCR) shares from PT MNC Investama Tbk (BHIT).