JAKARTA – Total assets of PT PAM Mineral Tbk (NICL) grew 42.6% year-on-year (yoy) as of December 2023 following the acquisition of 50% of PT Sumber Mineral Abadi (SMA), a third-party mineral mining company on September 12, 2023. This corporate action is projected to be completed at the end of the first half of 2024.

Rudy Tjanaka, President Director of NICL, said that the total assets of the company in late 2023 grew to IDR 856.83 billion from IDR 600.87 billion in 2022. “The company invested in SMA worth IDR 125 billion,” he said in the information disclosure quoted Tuesday (16/4).

In addition, investment in SMA also boosted NICL’s liabilities by 7.54% yoy to IDR 111.36 billion from IDR 103.56 billion.

It is said that NICL will conclude the acquisition of 50% of SMA on June 30, 2024, following the first addendum of the conditional new shares purchase agreement dated December 27, 2023.

Initially, this acquisition plan worth a maximum of IDR 140 billion is projected to be done on December 29, 2023. However, the delayed acquisition is said not going to affect the operational activities and financial condition of the company.

In December 2023, this company booked revenue of IDR 1,141 billion, down from IDR 1,149 billion in 2022. Its gross profit also dropped to IDR 136.66 billion from IDR 279.41 billion, as did its operating profit to IDR 45.16 billion from IDR 200.16 billion. (LK/ZH)