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SMRU objects to the revocation of its subsidiary’s mining permit

01 March 2022 06:17

JAKARTA – PT SMR Utama Tbk (SMRU), a mining service company, filed an objection letter to the government regarding the revocation of the mining business license of PT Delta Samudra (DS), a subsidiary of SMRU, two weeks ago. Corporate Secretary of SMRU, Arief Novialdy, announced the news in the information disclosure quoted Tuesday (1/3).

According to Novialdy, the permit annulment did not have any legal impacts or affect business sustainability. However, it would increase the operating loss of SMRU. “By revoking the business license, it will then disrupt the financial performance of the company,” he explained.

It was further mentioned that the said objection was addressed to the Ministry of Energy and Mineral Resources and the Ministry of Investment of Indonesia-Capital Investment Coordinating Board (BKPM). “Delta Samudra is listed as a company under the list of 180 mineral and coal mining business licenses that got revoked by BKPM on February 15, 2022,” Novialdy further claimed.

In the Financial Report at the end of September 2021, DS is one of SMRU’s subsidiaries that recorded losses of IDR 899 million. It worsened from the loss in December 2020 of IDR 852.52 million. Moreover, the financial losses from several subsidiaries of SMRU accumulated to IDR 464.11 billion. (LK/ZH)

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