Jakarta,- PT Indika Energy Tbk (INDY), through its subsidiary PT Indika Indonesia Resources (IIR), has reportedly divested its entire stake in the coal mining company PT Mitra Energi Agung (MEA).

IIR previously held 3,060 shares in MEA, representing 60% ownership.

INDY initially acquired the 60% stake in MEA in 2012 for USD 27 million. However, IIR has now sold its entire shareholding to PT Niaga Gilang Persada for a transaction value of IDR 15 billion, as reported in a disclosure on Tuesday, October 8, 2024.

As a result, MEA is no longer a subsidiary of INDY and will not be consolidated in its financial statements. The transaction is not expected to affect INDY's operational activities, legal standing, financial condition, or business continuity.

The company believes that the transaction aligns with its business diversification strategy and will allow it to focus on pursuing sustainable business activities.

Previously, INDY, through its subsidiary PT Indika Multi Properti (IMPO), also signed a Conditional Share Purchase Agreement with PT Barito Pacific Tbk. (BRPT) and its affiliate PT Barito Pacific Lumber (BPL). INDY agreed to sell its entire shareholding in PT Trisetia Citagraha (TCG), consisting of 6,332 shares, which represents an 80% indirect ownership in TCG, to the company owned by Prajogo Pangestu, Indonesia's richest individual.

The agreed transaction value for this sale is IDR 26.77 billion. According to the disclosure, the transaction will be completed in two phases.

The first phase, valued at IDR 22.29 billion, covers the initial capital deposit and the transfer of 80% of IMPO's shares to BPL, which was completed on September 26.

The second phase, valued at IDR 4.47 billion, will involve the transfer of the remaining 20% of IMPO's shares to BPL and its affiliate as the buyer.

Sources : www.djakarta-miningclub.com Oct 09.24