Spending IDR 433 Billion, Boy Thohir Coal Mining Company Owns Shares In Merdeka Copper Gold

Conglomerate Garibaldi (Boy) Thohir. (Photo: Doc. Forbes)

JAKARTA - Coal mining company PT Adaro Energy Tbk (ADRO) purchased shares in gold and copper company PT Merdeka Copper Gold Tbk (MDKA) for IDR 433.18 billion.

Quoted from Adaro's publication on the information disclosure page of the Indonesia Stock Exchange (IDX), Adaro Energy's Corporate Secretary Mahardika Putranto said that Adaro, through its subsidiary PT Alam Tri Abadi, purchased 179 million shares of MDKA owned by Garibaldi Thohir, valued at Rp433.18 billion on April 28, 2021.

The financial investment transactions carried out by Adaro are Affiliated Transactions as stipulated in the Regulation of the Financial Services Authority of the Republic of Indonesia Number 42 / POJK.04 / 2020 concerning Affiliated Transactions and Conflict of Interest Transactions (POJK 42/2020).

The transaction is an affiliated transaction because conglomerate Garibaldi 'Boy' Thohir also holds 6.18 percent of Adaro's shares, as well as being the company's president director.

"The transaction price per share is Rp2,420," said Mahardika.

Adaro believes that this price reflects the fair value of MDKA when the share purchase was made on April 28, 2021. The Company chose to invest in stock instruments in the gold and copper commodity sector to hedge against inflation because this sector has good fundamentals for the current economic conditions. .

Adaro sees gold as a commodity that is quite resilient in difficult economic times. The situation of a fairly low interest rate at this time where many countries are loosening their monetary policy, gold has the potential to be an attractive long-term investment option.

The company also sees that the level of demand for copper in the world is gradually increasing while the supply conditions are still quite limited.