PT Petrindo Jaya Kreasi (CUAN), a company under the conglomerate Prajogo Pangestu, has successfully acquired all the shares of PT Multi Tambangjaya Utama a subsidiary of PT Indika Energy Tbk (INDY), equivalent to 2.26 billion shares.
This acquisition was marked by the signing of a conditional sale and purchase agreement with PT Indika Indonesia Resources and Indika Capital Investments Pte Ltd (ICI), subsidiaries of INDY.
Under the agreement's terms, CUAN will purchase 2.26 billion shares, including related marketing rights held by ICI, with a total value of US$ 218 million (IDR 3.35 trillion).
Daniel J. Laurente, Director of CUAN, expressed that full ownership of Multi Tambangjaya would not only increase Petrindo's annual production but also strengthen the company's operations in Central Kalimantan.
"This solidifies our position as a producer of high-quality thermal coal, delivering excellent efficiency and a competitive edge to our customers," stated Daniel on September 25, 2023.
He further emphasized that acquiring the ownership of Multi Tambangjaya Utama is a fundamental component of the company's long-term strategy.
This move aims to enhance operational performance, integrate operations, and reinforce the company's business portfolio in high-calorie thermal coal and metallurgical coal.
Multi Tambangjaya Utama is a thermal and bituminous metallurgical coal mining company located in Central Kalimantan. The company holds a Generation-3 Coal Mining Contract of Work (PKP2B) with an extensive concession area spanning 24,970 hectares.
Since commencing production in 2016, the company has exhibited remarkable growth and achieved record profits in 2022.
On September 25, 2023, CUAN's stock price rose by 5.63% to IDR 3,200 per share, with a market capitalization of IDR 36.09 trillion. Over the past three months, Petrindo's stock has surged by 238%.
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