In an exciting move towards diversification, PT Petrindo Jaya Kreasi Tbk (CUAN), under the conglomerate Prajogo Pangestu, is set to forge a new path beyond coal mining into gold and silica sand mining. This strategic shift reflects the company’s optimism about exploring opportunities beyond the coal sector.
Daniel Laurente, CUAN’s Director, disclosed that the company is currently engaged in extensive research on silica sand. The intention is for silica sand to serve as a vital material for solar panels.
“We are currently conducting further research on silica sand and have plans for gold exploration in the coming months. This is where our focus lies,” stated Daniel on August 21, 2023.
To facilitate this expansion, the company is establishing three new subsidiaries: PT Prima Mineral Investindo, PT Green Natural Investama, and PT Kreasi Jasa Persada. Prima Mineral Investindo is designated as the holding company for their mineral mining endeavors.
Kreasi Jasa Persada will be the holding company for mining services, ensuring seamless integration of mining services within CUAN’s IUP (Mining Business Permit) area. Lastly, Green Natural Investama will take charge in the field of Industrial Forest Parks.
According to Daniel, the potential for new business ventures in different sectors provides ample reason for CUAN to establish these subsidiary companies. Particularly given the diverse mineral resources available in the country, CUAN sees the opportunity to expand into new realms by creating these new entities.
CUAN’s stock suspended for a second time
Amidst discussions about business expansion, Petrindo Jaya Kreasi addresses the temporary suspension of its stock trading by the Indonesia Stock Exchange (BEI).
Diana Arsiyanti, CUAN’s Director, expressed the company’s appreciation for BEI’s decision to temporarily halt CUAN’s stock trading.
As known, trading of Prajogo Pangestu’s coal mining company was suspended by BEI on August 15, 2023, for a cooling-down period. Trading resumed on August 16, 2023. However, after August 18, 2023, CUAN’s stock trading was again suspended by the exchange.
The company believes that BEI’s actions are justified, allowing investors ample time to consider their investment decisions in CUAN while taking into account the company’s condition and other fundamental factors.
“Meanwhile, the exchange has the time to conduct the necessary examinations and investigations if there are indications of violations by certain parties,” Diana stated, on August 21, 2023.
Diana mentioned that CUAN has provided the requested information and explanations to the exchange regarding inquiries about the company’s condition and any potential corporate actions.
