JAKARTA – PT Cita Mineral Investindo Tbk (CITA) will be involved in two companies that manage an aluminium smelting facilty and another that manages a power plant in Bulungan, North Kalimantan. Both companies are third parties, namely PT Kalimantan Aluminium Industry (KAI) and PT Kaltara Power Indonesia (KPI).
Yusak Lumba Pardede, Director of CITA, said that the transaction value of both companies’s shares acquisition clock up to IDR 674.18 billion. The acquisition took place earlier this week (20/12). “The investment in KAI and KPI is intended to realise our plan to increase the value of minerals,” he explained in the information disclosure quoted Friday (23/12).
CITA has taken up 330,624 units of shares of KAI’s entire paid-up capital of 925,748 shares. It costed CITA IDR 330.62 billion or approximately USD 21.30 million. The remaining issued shares of CITA are claimed by Aumay Mining Pte Ltd.
KAI will utilise CITA’s equity participation to design, build, operate, and maintain an aluminium smelting plant with a capacity of 2 metric tons per annum (MTPA).
Then, CITA spent IDR 343.56 billion or USD 23.69 million on 23,694 shares of KPI. KPI’s power plant is projected to supply the electricity needed in the aluminium smelter project in Kalimantan Industrial Park, Bulungan. (LK/ZH)