JAKARTA. PT Singaraja Putra Tbk (SINI) will initiate the acquisition of 75% of PT Dwi Daya Swakarya (DDS), a mining holding company under PT Barito Energy.

The management of SINI said that this plan is a part of the company’s business diversification plan by investing in business that shows growth potential. “The company plans to engage in investments in companies in the coal mining business field,” the management of SINI further mentioned in the official statement.

For the record, the transaction value of DDS agreed in the Sale and Purchase Binding Agreement reaches IDR 899 billion. It is equal to 1,714.86% of SINI’s total equity as of December 31, 2022.

Regarding the financing, SINI has submitted a request of credit facility to PT Bank Negara Indonesia (Persero) Tbk (BBNI), with a maximum limit of IDR 900 billion and interest rate of 4.40% per annum. The request of credit facility is still under process by BBNI as the creditor.

On top of this, SINI is also affiliated with Barito Energy. Both entities are under the same controlling shareholder, PT Autum Prima Indonesia (API).

SINI will then ask for approval during the Extraordinary General Meeting of Shareholders regarding this acquisition plan. The meeting will take place on June 28, 2023. (KR/ZH)