Despite Suspension, Prajogo Pangestu's CUAN Establishes A New Subsidiary

Share illustration (Photo: dock. Antara)

The issuer belonging to the Prajogo Pangestu conglomerate, PT Petrindo Jaya Kreasi Tbk (CUAN) has again established a new subsidiary, PT Armada Maritime Persada (AMP), which will be engaged in the domestic port sea transportation business.

President Director of PT Petrindo Jaya Kreasi Tbk Michael said the new subsidiary was founded on December 22, 2023, under the name PT Armada Maritime Persada (AMP) with ownership of the company in AMP as many as 9,999 shares or 99.99 percent. With a nominal value of Rp9.99 billion.

Furthermore, Michael conveyed the purpose of establishing AMP as one of the requirements for fulfilling permits so that CUAN can integrate coal transportation logistics activities. In accordance with applicable laws and regulations, logistics activities for sea transportation in domestic port waters cannot be combined with other business permits.

"The establishment of AMP will support the Company's main business activities and expand its business network as well as part of the Company's long-term business development plan to become an integrated and efficient mining company," said Michael in an information disclosure, December 27.

Previously, CUAN had obtained a syndicated futures and revolving credit facility worth IDR 3.5 trillion which will mature within 72 months after the signing.

Meanwhile, the syndicated loans came from PT Bank Mandiri Tbk (BMRI), PT Bank Central Asia Tbk (BBCA), and PT Bank Negara Indonesia Tbk (BBNI).

Furthermore, all loans obtained by the company will be used to finance the company's activities in general and finance the acquisition of mining companies, including PT Multi Tambangjaya Utama, PT Borneo Bangun Banua Bestari and PT Borneo Bangun Banua.

Meanwhile, currently the price of CUAN is parked at the level of Rp13,425 per share. The Indonesia Stock Exchange (IDX) is still locking CUAN shares with suspensions since December 19, 2023.

The temporary suspension was carried out in connection with a significant cumulative price increase. For information, CUAN's current position reflects a price spike of up to 6.002.27 percent of the offering price when the IPO was valued at IDR 220 per share.