JAKARTA. PT Adaro Energy Tbk (ADRO) has purchased 145.6 million shares of PT Citra Mineral Investindo Tbk (CITA), a bauxite and metal refinery, for IDR 358.76 billion.
CITA’s stock trading was initiated through one of ADRO’s subsidiaries, PT Alam Tri Abadi (ATA). After concluding the transaction, ADRO, through ATA, now acquires 3.7% of CITA’s shares.
“The company opts for investing in CITA because the company believed that Metallurgical Grade Bauxite and Smelter Grade Alumina industries are businesses that promise prospects in the long-term,” Mahardika Putranto, Corporate Secretary of ADRO, explained in the information disclosure in Indonesia Stock Exchange (IDX) earlier today (16/12).
Furthermore, Putranto claimed that ADRO is quite optimistic regarding its investment in CITA as the global economic condition has been deemed recovered, and the metal prices have been seeing positive trends. “This is a common financial investment move in the treasury management,” he reaffirmed.
Based on idnfinancials.com data, ADRO owns cash and cash equivalents of USD 1.51 million as of September 30, 2021. Meanwhile, the company’s total assets reportedly reach USD 7.12 million. (KR/ZH)