PT Petrosea Tbk (PTRO) will seek approval from shareholders to overhaul or change the composition of the Board of Commissioners and Directors of the company.
PTRO also seeks approval for the adjustment of Article 3 of the Company's Articles of Association, related to aligning the company's business activities
with the Indonesian Standard Industrial Classification 2020 (KBLI 2020) based on Government Regulation of the Republic of Indonesia Number 5 of 2021 concerning Risk-Based Business Licensing, along with its implementing regulations.
In an official announcement on Friday (10/11), PTRO's management stated that both agendas would be submitted for shareholder approval at the Extraordinary General Meeting of Shareholders (RUPSLB) scheduled for December 4, 2023, at the INDY Bintaro Multipurpose Building in South Jakarta.
As previously known, the coal mining company owned by Prajogo Pangestu, PT Petrindo Jaya Kreasi Tbk (CUAN), will acquire 342,925,700 shares or a 34% ownership stake in PT Petrosea Tbk (PTRO) from PT Caraka Reksa Optima. This is outlined in the conditional share purchase agreement between CUAN's subsidiary, PT Kreasi Jasa Persada, and Caraka Reksa Optima on November 7, 2023.
Michael, Corporate Secretary (also serving as Director) of CUAN, explained in an official statement on Tuesday (7/11) that CUAN's subsidiary is currently negotiating with Caraka Reksa Optima until all requirements are complete.
As a result, Prajogo Pangestu through CUAN will become the controlling shareholder of PTRO, and public shareholders will be offered the opportunity to participate in a mandatory offer or tender offer after the completion of the transaction.
"The purpose of controlling PTRO is to increase assets, expand business, and as part of the long-term business development plan to become an integrated mining and mining services company," wrote the management of Kreasi Jasa Persada.
Image source: PTRO
