Commissioners And Directors Add Share Ownership In Petrindo Jaya Kreasi

Illustration. (Photo: Doc. Antara)

JAKARTA - Commissioners and directors at PT Petrindo Jaya Kreasi Tbk (CUAN) have increased their share ownership in the coal mining company.

Quoting the company's statement, Wednesday, October 18, Erwin Ciputra, who is the President Commissioner of CUAN, bought 800 thousand shares or 0.0071 percent of the total shares issued by the company.

The share purchases were carried out six times on October 13, 2023, and October 16, 2023, for investment purposes.

The purchase of the first shares was 200 thousand shares at a price of Rp2,790, then 100 thousand shares at a price of Rp2,800.

Then, Erwin bought back as many as 100 thousand shares at the level of Rp2,420, and continued with 200 thousand shares in the position of Rp2,580, finally 100 thousand shares at the price of Rp2,660.

Apart from Erwin, Michael, who is the President Director of CUAN, also increased his share ownership.

Michael bought 37,100 shares of CUAN or 0.00033 percent of the total shares issued by the company. This amount, he bought with two transactions on October 16, 2023.

First, at a price of Rp2,710, 25 thousand shares, and second 12,100 shares in the position of Rp2,750.

With this transaction, Michael already owns 72,100 shares of CUAN or 0.00064 percent of the total shares issued by the company.

Michael's goal is to increase CUAN's share ownership, namely for investment.

Previously, CUAN diversified its business by expanding its business into the metalurgical coal mining sector and gold minerals.

For this step, the company also carried out business adaptation and tried to seize business opportunities through two of its subsidiaries, namely PT Daya Bumindo Karunia (DBK) and PT Intam (INTAM).

Michael said that the company is optimistic that the expansion of this business scope will encourage positive business growth for the company.

"This is also in line with our business strategy which focuses on strengthening the Company's competitiveness position not only in the energy sector, but also in the industrial sector, namely through metallurgical coal mining which is able to produce kokas as the main raw material in the steel industry," said Michael.

CUAN has previously signed a Conditional Sale and Purchase Agreement (CSPA) with a subsidiary of PT Indika Energy Tbk, namely PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd. (ICI).

This step was taken by the company to obtain 100 percent ownership of PT Multi Tambangjaya Utama (MUT) on September 22, 2023.

In terms of CSPA, the company will purchase a total of 2,263,030,000 shares in MUTU, including the related Marketing Rights owned by ICI with a total value of 218 million US dollars.

The acquisition of share ownership in MUTU is a fundamental component of the Company's long-term strategy aimed at improving operational performance to be more efficient and effective by integrating operations and strengthening the Company's business portfolio in the high-calorie thermal coal and coal sector.

MUTU is a thermal coal mining company and bituminous metallurgical coal located in Central Kalimantan, has a 3rd generation PKP2B (Coal Mining Work Contract Agreement) with an area of 24,970 hectares.