PT Petrindo Jaya Kreasi Tbk (CUAN) signed a Memorandum of Understanding (MoU) with Cokal Limited, a coal mining company listed on ASX Australia.

Director of Petrindo Jaya Kreasi Daniel Laurente said this agreement aims to develop infrastructure and optimize coal transportation in Murung Raya Regency, Central Kalimantan.

"The initiative provides acceleration to start and improve the coal mining assets owned by Petrinco and Cokal," he explained in a stock exchange filing on Wednesday (6/3).

Daniel said this agreement strengthens Petrindo's supply chain integration and the operational efficiency of Petrindo Jaya Kreasi's subsidiary, PT Daya Bumindo Karunia, and Cokal's subsidiary, PT Bumi Barito Mineral.

"Access to infrastructure is the key to CUAN's operations and significantly optimizes transportation efficiency in its operational areas," he said.

Most recently, CUAN obtained a Term Loan and Revolving Syndication Loan worth IDR 3.5 trillion for working capital, financing and maintenance of assets, and completion of the acquisition of several mining companies.

The loan was also used to acquire PT Multi Tambangjaya Utama, PT Borneo Bangun Banua Bestari, and PT Borneo Bangun Banua. Multi Tambangjaya Utama is a PT Indika Energy Tbk (INDY) subsidiary.

CUAN plans to acquire 2.26 million Multi Tambangjaya Utama shares from PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte Ltd (ICI) with a transaction value of USD 203 million.

Not only that, the companies will soon finalize the transfer of marketing rights owned by ICI with a value of USD 15 million. Thus, the overall acquisition value reached USD 218 million.

Image source: Kontan / Doc. CUAN
Source: https://investasi.kontan.co.id/news/petrindo-jaya-kreasi-cuan-berkongsi-dengan-cokal-limited