Plastic packaging producer PT Abadi Nusantara Hijau Investama (PACK) has announced the acquisition of shares in two mineral mining companies located in North Konawe, Southeast Sulawesi, through its two subsidiaries.

According to the company’s disclosure, PACK subsidiaries PT Adhi Prakarsa Raya (APR) and PT Sumber Cahaya Raya (SCR) − each 99.998 percent owned by PACK − signed a Share Purchase Agreement (SPA) with Denway Development Limited on September 26, 2025.

The transaction involves the transfer of 240 shares of PT Konutara Sejati (KS) to SCR and 276 shares of PT Karyatama Konawe Utara (KKU) to APR. The share transfer took effect following the issuance of the Notification of Company Data Amendment Acceptance Letter by Indonesia’s Ministry of Law and Human Rights on September 29, 2025.

PACK President Director Magdalena Veronika said that full payment for the acquisitions must be completed no later than January 31, 2026, or on another date mutually agreed upon by the parties.

“The full payment obligation for the share transfer must be completed by January 31, 2026, or another date agreed upon by SCR, APR, and Denway Development Limited,” Magdalena said in the disclosure as quoted on Tuesday, September 30, 2025.

She emphasized that the transaction does not have a material impact on the company’s operations, legal standing, or financial position. While it is classified as a material transaction under Financial Services Authority (OJK) regulations, it does not constitute an affiliated transaction or a conflict of interest.

Earlier, PACK outlined its strategic corporate actions, which were approved during the Extraordinary General Meeting of Shareholders (EGMS) held on September 25, 2025. The agenda included a shift in the company’s core business from the printing industry to that of a holding company, with a focus on managing subsidiaries − particularly those engaged in mineral trading.

In parallel, PACK announced plans to issue Mandatory Convertible Bonds (OWK) into new shares through a Rights Issue (PMHMETD) mechanism. The OWK will be convertible into up to 35 billion new shares, with proceeds allocated to finance minority acquisitions in PT Konutara Sejati and PT Karyatama Konawe Utara through PT Sumber Cahaya Raya and PT Adhi Prakarsa Raya.

The acquisition value totals US$68.7 million (Rp1.1 trillion) for a 30 percent stake in PT Konutara Sejati and US$100.08 million for a 34.5 percent stake in PT Karyatama Konawe Utara. Independent valuation reports classify the transaction as material, with a value exceeding 4,384.94 percent of the company’s equity as of June 2025.

Despite the scale, management affirmed that the acquisitions were conducted at fair value and are not considered affiliated transactions. PACK also stated that the rights issue will strengthen its capital structure, lower its debt-to-equity ratio, and enhance operational capacity.

However, shareholders who choose not to exercise their rights could face dilution of up to approximately 95.58 percent. PT Eco Energi Perkasa, as the company’s controlling shareholder, will act as a standby buyer for any unsubscribed shares.