JAKARTA – Anderson Bay Pte Ltd has officially acquired a controlling stake in PT Exploitasi Energi Indonesia Tbk (CNKO), marking a new chapter for the company as it seeks to resolve its capital deficiency issues.

According to data compiled by IDNFinancials on Friday (6/12), Anderson Bay acquired 896 million shares, equivalent to a 10% stake in CNKO, through a transaction on the Indonesia Stock Exchange (IDX) on December 5. Priced at IDR 7 per share, the transaction amounted to IDR 6.27 billion.

Anderson Bay, a Singapore-based management consulting and holding company, has a registered capital of US$1,000, which is fully paid up. The company is 100% owned by Cho Wai Cheng and is located at 7 Temasek Boulevard, #12-07 Suntec Tower One, Singapore.

CNKO has a total of 7.25 billion outstanding shares, with 9.63% held by controlling shareholders and 90.37% by non-controlling shareholders. Key shareholders include PT Saibatama Internasional with 9.63%, OCBC with 9.39%, and the public holding 80.98%. The free float of CNKO is 80.98%, with Kusno Hardijanto as the ultimate beneficial owner.

As of September 30, 2024, CNKO reported a capital deficiency of IDR 1.23 trillion, nearing the Rp1.32 trillion shortfall recorded in December 2023. This financial strain has severely impacted the company’s stock performance, with its share price plummeting 86% to IDR 9 from IDR 50 per share at the beginning of the year. (LK/ZH)