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Merdeka Subsidiary major acquisition of IDR 5,3 Trillion nickel asset

Mon 28 Mar 2022, 18:18 PM



PT Merdeka Copper Gold Tbk (MDKA) through PT Batutua Tambang Abadi (BTA), PT Hamparan Logistik Nusantara (HLN), and PT Provident Capital Indonesia (PCI) signed a conditional share acquisition agreement which was effective on March 24, 2022.

Citing the information disclosure of the Indonesia Stock Exchange (IDX), Monday (28/3/2022), BTA will take part of the new
shares to be issued by HLN thereby giving BTA ownership of HLN shares of 55.56 percent of the issued and paid-up capital of HLN . The total transaction for the share share was Rp 5.35 trillion.

"This transaction is carried out as one of BTA's strategic steps which is expected to provide added value and economic benefits for BTA and also the company in the future," wrote
Merdeka Copper Gold 's management .

The Company stated that the transaction was a material transaction and an affiliated transaction in accordance with the provisions of Article 6 paragraph (1) of POJK 17/2020; it is mandatory to use an appraiser in determining the fairness of the affiliated transaction in which the fairness of the transaction needs to be announced to the public and the Financial Services Authority (OJK).

In this transaction, the company has appointed KJPP Iskandar and Partners as independent appraisers.
The independent appraiser concluded that the transaction value was fair.

Meanwhile, the affiliation between the company and BTA, PCI and HLN, among others, is that BTA is a controlled company whose shares are owned by PT Merdeka Copper Gold Tbk directly by 99.5 percent.
Then there are similarities between BTA's board of commissioners and members of the company's board of directors.

In addition, PCI is one of the controllers of the company through indirect share ownership through PT Mitra Daya Mustika and PT Suwarna Arta Mandiri.
The company also conveys that there are similarities between the PCI board of directors and the company's board of directors. "HLN is an affiliate of PCI," the company wrote.

Previously, HLN recently completed the acquisition of ownership in PT J&P Indonesia (JPI) and PT Jcorps Industri Mineral (JIM) from PT JCorp Cahaya Semesta with HLN owning a 95.3 percent stake in JPI and 99.9 percent in JIM.

The acquisition assets consist of various investments by JPI and JIM.
JPI controls a 51 percent stake in PT Sulawesi Cahaya Mineral, which holds a development business license (IUP) for one of the world's largest undeveloped 
nickel resources.

In addition, it has minority stakes in two Rotary Klin-Electric Furnace (RKEF) nickel factories operating, including 49 percent in PT Cahaya Smelter Indonesia and 28.4 percent in PT Bukit Smelter Indonesia.

JIM also holds majority stakes in companies that have IUP Limestone and hydroelectric projects.
JIM also holds a minority stake, namely 32 percent of the Indonesian Konawe Industrial Park.



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