JAKARTA – PT MNC Investama Tbk (BHIT) sold 99.33% of its potion in PT Bhakti Coal Resources (BCR) to PT Indonesia Transport & Infrastructure Tbk (IATA) for IDR 2 trillion. BHIT and IATA are affiliated, thus agreeing to a transaction value below the market price for BCR of IDR 2.59 trillion.
In the information disclosure quoted Wednesday (9/2), Santi Paramita, Corporate Secretary of MNC Investama, said that the payment to IATA would take the form of an issued Promissory Note alongside the signed Sale and Purchase Binding Agreement worth USD 140 million or IDR 2 trillion (IDR 14,307 per USD). “The promissory note issued by IATA will last six months since December 2021, using an interest rate agreed by all involved parties,” she further explained.
The said transaction is an affiliate transaction as Henry Suparman, Director of MNC Investama, is also the President Director of IATA. Then, as the transaction value would be below the market value for BCR in September 2021, MNC Investama plans to discuss the action further in the Extraordinary General Shareholders Meeting next Thursday (10/2).
IATA is the holding of several companies of MNC Group engaged in the energy and infrastructure sector. On the other hand, BCR is a parent company of nine subsidiaries that each hold a Mining Business License in Musi Banyuasing, South Sumatra. (LK/ZH)