Friday, December 13, 2024

Petrindo Jaya Kreasi acquires full ownership of Multi Tambangjaya Utama in a strategic move

Reading Time: < 1 minute
Julian Isaac

Journalist

Mahinda Arkyasa

Editor

Interview

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%.

Julian Isaac

Journalist

Mahinda Arkyasa

Editor

 

Interview

SUBSCRIBE NOW
We will provide you with an invoice for your reimbursable expenses.

Free

New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.

Premium

$550 USD/Year

or

$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.

FURTHER READING

PT Daikin Industries Indonesia (DIID), a part of the global Daikin network, has completed the construction of its new air conditioner (AC) manufacturing plant at the Greenland International Industrial Center (GIIC) in Cikarang, West Java on Thursday, December 12, 2024.
The Institute for Essential Services Reform (IESR) is optimistic that President Prabowo Subianto administration’s target of completely shutting down all coal-fired power plants (PLTU) by 2040 is attainable.
State power utility PT PLN has announced that its floating solar power plant (PLTS) in collaboration with HK based GD Power at the Karangkates Reservoir in East Java will commence operations by 2026.
The Ministry of Energy and Mineral Resources (ESDM) has confirmed that the draft National Electricity General Plan (RUKN) for 2024–2060 is aligned with the government’s ambitious economic growth target of 8 percent.
Indonesia is making significant strides toward developing nuclear power as part of its long-term energy strategy, with regulatory studies and preparations for Nuclear Power Plants (PLTN) establishment underway.
PT PLN Indonesia Power, in collaboration with Saudi investors, is set to develop a Floating Solar Power Plant (PLTS) in Lake Singkarak, Tanah Datar regency, West Sumatra, with an investment of Rp50 trillion (US$3.15 billion).