JAKARTA. PT Petrindo Jaya Kreasi Tbk (CUAN), a coal mining listed on Indonesia Stock Exchange (IDX) last March, will reportedly acquire 34% of PT Petrosea Tbk (PTRO).

Aldi Rakhmatillah, Director of PTRO, said that those shares will be taken over by CUAN from PT Caraka Reksa Optima (CRO). CUAN and CRO signed a Conditional Shares Acquisition Agreement (CSAA) earlier today (7/11).

According to IDNFinancials data, CRO had previously controlled approximately 89.80% of PTRO’s shares. With this acquisition under way, CRO’s portion in PTRO will be lowered to 55.8%.

“The completion of this transaction follows the fulfilment of several preliminary terms and conditions as regulated in CSAA,” Rakhmatillah mentioned in the official statement.

The value of shares acquisition transaction between CRO and CUAN is not publicly disclosed. However, in today’s trading session, PTRO was closed at IDR 4,240 per share. Assuming the transaction is carried out using this price, CUAN will spend at least IDR 1.45 trillion to acquire PTRO’s shares. (KR/ZH)