PT Petrosea Tbk (PTRO) will acquire 99.93% of shares of PT Kemilau Mulia Sakti (KMS) for USD 90.5 million. KMS is the holder of the Production-Operation Mining Business License in West Kutai, East Kalimantan, through its subsidiary, PT Cristian Eka Pratama (CEP).

In the information disclosure quoted Friday (12/5), Aldi Rakhmatillah, Director of Petrosea, confirmed that KMS owns 4,950 shares or 99% of CEP, while 99.93% of KMS is controlled by PT Insan Global Pawulang (IGP). “The company had signed the Sale and Purchase Binding Agreement regarding conditional shares purchase with IGP yesterday (10/5),” he said.

The companies involved in the transaction are not affiliated. PTRO’s initiative to acquire KMS is related to its business expansion plan in the coal mining sector. The purchase of IGP’s portion in KMS will be thoroughly completed after meeting all conditional precedence, no later than June 30, 2023. After the deals were officially concluded, IGP’s shares in KMS will be handed over to PTRO. (LK/ZH)

Source:  https://www.idnfinancials.com/news/46861/ptro-acquire-mining-company-west-kutai