Issuer Owned By Prajogo Pangestu, CUAN Acquires Indika Energy Subsidiary Of IDR 3.2 Trillion

Agreement (Photo: Unsplash)

JAKARTA - PT Petrindo Jaya Kreasi Tbk (CUAN) issuer owned by Prajogo Pangestu, completed the acquisition process of PT Multi Tambangjaya Utama (MUTU) or mining business line owned by PT Indika Energy Tbk (INDY), namely PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd. (ICI).

With the completion of this acquisition, Petrindo has acquired as many as 2.26 billion or 2,263,030,000 shares or 100 percent of the total shares that have been paid up in MUTU with a value of 203 million US dollars or around Rp3.2 trillion according to the JISDOR exchange rate until February 23, 2024.

President Director of Petrindo Jaya Kreasi Michael said, furthermore, parties will soon complete the transfer of marketing rights or marketing rights owned by ICI with a value of 15 million US dollars which brings the total acquisition value to 218 million US dollars.

"The completion of this acquisition is a real step for us in ensuring the company's growth. It is also in line with the company's long-term strategy where we focus on improving operational performance, integrating supply chains and growing our business portfolio," he said in a statement to the media, Wednesday, February 28.

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

Since starting production in 2016, MUTU has shown tremendous growth and reached its highest profit by 2022.

Michael said this acquisition would also further strengthen Petrindo's position as a high-quality thermal coal producer which has most operational locations in Central Kalimantan.

Petrindo's strong commitment to continue to grow and grow as an integrated mining company has been realized through a series of acquisitions and business development that we have consistently carried out," concluded Michael.