Wednesday, May 29, 2024

Petrindo Jaya Kreasi completes acquisition of Multi Tambangjaya Utama

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PT Petrindo Jaya Kreasi (CUAN) has concluded the acquisition of PT Multi Tambangjaya Utama (MUTU) from PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd (ICI).

PT Petrindo Jaya Kreasi (CUAN) is a holding company that operates in the mineral mining and energy sectors. Established in Jakarta in 2008, the company owns two coal mining concessions in Kalimantan through its subsidiaries and is expanding to West Nusa Tenggara with an upcoming gold mining concession.

MUTU is a high quality thermal bituminous coal and coking coal company which has coal mining rights until 2039 under the third generation Coal Mining Concession Work Agreement (PKP2B). MUTU Mine is located in Central Kalimantan, with a concession area of 24,970 hectares, of which more than 7,000 hectares have been mapped.

Both IIR and ICI are subsidiaries of PT Indika Energy (INDY). The acquisition was finalized by the conglomerate owned by Prajogo Pangestu on February 26, 2024.

With the completion of this acquisition, Petrindo has acquired 2.26 billion shares or 100 percent of the total issued shares in MUTU at a value of US$203 million or approximately IDR 3.2 trillion.

Additionally, the parties involved will soon finalize the transfer of marketing rights owned by ICI with a value of US$15 million, making the total value of the entire acquisition reach US$218 million.

“The completion of this acquisition is a tangible step for us in ensuring the company’s growth. It is also in line with the company’s long-term strategy, focusing on improving operational performance, supply chain integration, and expanding our business portfolio,” Petrindo’s CEO, Michael, said on Wednesday, February 28, 2024.

This acquisition is expected to further solidify Petrindo’s position as a producer of high-quality thermal coal with the majority of operational locations in Central Kalimantan.

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