Petrosea Completes Coal Mining Acquisition of USD 90.56 Million

Petrosea Rampungkan Akuisisi Tambang Batu Bara USD 90,56 Juta

PT Petrosea Tbk (PTRO) and its subsidiary, PT Karya Bhumi Lestari (KBL), have successfully completed the acquisition of 100 percent of the shares of PT Kemilau Mulia Sakti (KMS).

KMS is the majority owner of PT Cristian Eka Pratama (CEP), a company primarily involved in coal mining operations. CEP holds a Mining Business Permit – Production Operation (IUP-OP) for its operational area located in the Tering District of West Kutai Regency, East Kalimantan.

The acquisition process was finalized with a total transaction value of USD 90,563,572, equivalent to IDR 1.35 trillion (based on an exchange rate of IDR 14,982 per US dollar). The signing of the sale and purchase agreement on June 23, 2023, marked the completion of the transaction involving all parties.

“This transaction represents Petrosea’s commitment to diversify its operations as a mine owner, aiming to strengthen the company’s performance and create additional value for shareholders and stakeholders in the future,” stated Romi Novan Indrawan, President Director of Petrosea, in an official statement released on Tuesday (27/6/2023).

Moving forward, Petrosea’s strategic approach involves becoming a sustainable resource company, continuously expanding its presence in various mineral sectors. This expansion will be facilitated through the provision of mining and engineering, procurement, and construction (EPC) services on an ongoing basis.

Image source >>> laman PT Petrosea Tbk

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