JAKARTA. PT Perdana Karya Perkasa Tbk (PKPK), an oil and gas industry support, will transfer some of its rights issue proceeds to acquire an affiliate.

In the rights issue held in mid-2023, PKPK managed to raise IDR 238 billion of fresh funds. Initially, it planned to allocate 47.24% of said proceeds to its capital expenditure, while leaving the remaining 43.48% to working capital.

As of now, approximately IDR 204.5 billion of those proceeds are yet to be utilised. Therefore, the company will first ask for approval during the General Meeting of Shareholder to utilise IDR 165 billion of said proceeds as funding for acquisition.

The company that will be taken over by PKPK is PT Bhakti Harapan Sejahtera (BHS). For the record, BHS is an affiliated company as it is owned by PT Deli Batubara (DPB), the controlling shareholder of the company.

“The company wishes to acquire sustainable business income source through investing in a mining company, which will provide contribution to the company’s revenue growth in the future,” the management of PKPK stated in its written official release.

In addition, the management also mentioned that the company wishes that the momentum of coal price correction could be well-optimised through this acquisition. “The company certainly believes that the coal price will remain stable and tend to increase in the future, considering the ever-growing demand,” added the management of PKPK. (KR/ZH)