Petrindo Annexes 100 Percent Of MUTU Shares Through Two Companies Owned By Arsjad Rasjid

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Petrindo Jaya Kreasi Tbk (CUAN) has signed a Conditional Sale and Purchase Agreement (CSPA) with PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd. (ICI).

Both are subsidiaries of PT Indika Energy Tbk (INDY) led by Arjad Rasyid. Through these two companies, it was used to obtain 100 percent ownership of PT Multi Tambangjaya Utama (MUTU) 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. This is by integrating operations and strengthening the Company's business portfolio in the high-calorie thermal coal and coal sector.

Director of Petrindo Daniel J. Laurente said his full ownership of MUTU will not only increase Petrindo's annual production, but also strengthen our operations in Central Kalimantan where most of the company's assets are located.

"This strengthens our position as a high quality thermal coal producer, provides good efficiency, and provides superior efficiency and competitive advantages to our customers," he quoted information disclosure, Monday, September 25.

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.

Since starting production in 2016, MUTU has shown outstanding growth and achieved record profit in 2022.