KONTAN.CO.ID – JAKARTA. PT Petrindo Jaya Kreasi Tbk (CUAN) will use bank loan funds to finance the acquisition of shares in PT Petrosea Tbk (PTRO).

In a disclosure of information at the Indonesia Stock Exchange on Monday (5/2), the value of PTRO shares purchased by CUAN reached IDR 940 billion. The source of funds used for this acquisition comes from a loan from PT Bank Negara Indonesia Tbk (BBNI).

The funds will later be deposited by CUAN to its subsidiary, PT Kreasi Jasa Persada, as a form of capital increase.

Just information, CUAN will buy 342.92 million PTRO shares owned by the old PTRO shareholders, namely PT Caraka Reksa Optima. This amount represents approximately 34% of all shares placed and fully paid in PTRO.

Previously, the sellers and buyers had to meet a number of preliminary conditions. The buyer's requirements include having completed due diligence on PTRO in accordance with the conditional share purchase agreement dated November 7, 2023.

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In addition, the buyer has complied with the material transaction procedures as required by Article 6 of POJK 17/2020, including obtaining approval from the general meeting of shareholders.

From the seller's side, the preliminary conditions that must be met are that the seller has obtained the necessary approval based on laws and regulations, including approval from the seller's shareholders.

There is also a resignation letter signed by H Robert Nitiyudo Wachjo as a commissioner of PTRO and from each director and commissioner of PTRO, as well as its affiliated subsidiaries with Robert Nitiyudo

The deadline for fulfilling the conditions between the buyer and seller is March 31, 2024.

The acquisition plan to be carried out by Kreasi Jasa Persada is a long-term strategy as part of the Petrindo group. This acquisition aims to increase assets, expand the business network, and as part of CUAN's long-term business development plan to become an integrated mining and mining services company.

The acquisition of PTRO is also expected to improve operational performance to be more efficient and effective by integrating operations and strengthening CUAN's business portfolio in the coal, gold, nickel, gas, and infrastructure sectors that have been fully operational.

The acquisition is expected to provide added value and positive support for CUAN's overall performance, as well as to achieve the target of creating the best synergy that can strengthen CUAN's position as one of the integrated mining companies in Indonesia.

Editor: Khomarul Hidayat