JAKARTA. Jimmy Budiarto, the controlling shareholder of PT J Resources Asia Pasifik Tbk (PSAB), is said to currently consider divesting 92.5% of the company's shares.

An insider with said information, quoted by Bloomberg, said that Budiarto is currently working with a financial advisor regarding the plan. However, the source also mentioned that there is still a possibility for Budiarto to cancel the divestment plan.

According to IDNFinancials record, PSAB’s stock price in the past year has soared approximately 160%, bringing market capitalisation up to USD 392 million.

A representative of Budiarto does not respond to any inquiries made regarding the divestment plan.

For the record, as of now PSAB is producing roughly 200,000 ounces of gold per year, with total assets of USD 861.01 million and total equity of USD 387.60 million. (KR/ZH)