JAKARTA. PT Petrindo Jaya Kreasi Tbk (CUAN), a coal mining company, announced the formation of three new subsidiaries last week.

Michael, President Director and Corporate Secretary of CUAN, said that those three new subordinate companies are named PT Prima Mineral Investindo, PT Green Natural Investama, and PT Kreasi Jasa Persada. The majority of shares of those three subsidiaries is owned by the company.

“The company has ownership portion in each subsidiary of 4,999 shares or 99.98%, with a total value of IDR 4.99 billion,” Michael added in the information disclosure in Indonesia Stock Exchange (IDX).

Michael mentioned that the establishment of those three subsidiaries will not impose any material impact on CUAN’s performance. For the record, the company recorded cash and cash equivalent of IDR 630.34 billion at the end of March 31, 2023.

CUAN’s total assets at the end of the first quarter of 2023 were recorded at IDR 2.16 trillion. Meanwhile, its total equity was worth IDR 1.74 trillion. (KR/ZH)