JAKARTA. PT Indika Energy (INDY) now owns 100% of the shares of a high-calorie coal mining company, PT Multi Tambangjaya Utama
Indika's desire to fully control PT Multi Tambangjaya Utama has begun since last year. On 29 November 2018, the subsidiary of INDY, Indika Capital Investments Pte. Ltd., signed an agreement with Prime Empire Investments Pte. Ltd. In the agreement, INDY acquired 2,625,000 shares of PT Multi Tambangjaya Utama for US$ 9.9 million. This information was stated by Adi Pramono, Corporate Secretary of PT Indika Energy Tbk in the disclosure of information submitted on 17 July 2019 to the Indonesia Stock Exchange.
Thus, INDY officially controls 100% of the shares of the coal mining company. Since 2012, Indika Energy has an 85% stake in Multi Tambangjaya Utama through PT Indika Indonesia Resources.
Multi Tambangjaya Utama has high quality bituminous thermal and coking coal. The company has a third-generation Coal Concession Agreement (PKP2B). The concession is in Central Kalimantan, with a 24,970 hectares concession area. (AM/AR)