Coal Company Low Tuck Kwong (MYOH) Acquires Transkon Jaya


17 Nov 2023


Dilansir Oleh


Jakarta, CNBC Indonesia – Coal mining service provider PT Samindo Resources Tbk. (MYOH) has signed a conditional sale purchase agreement (CSPA) with the controlling shareholders of vehicle rental company PT Transkon Jaya Tbk. (TRJA). The agreement was signed on November 14, 2023.

“In the CSPA, the conditions to be fulfilled by the parties in the process of acquiring TRJA shares have been agreed upon before the acquisition is completed entirely,” said Corporate Secretary MYOH Ahmad Zaki Natsir in a disclosure quoted on Friday (11/17/2023).

He detailed that MYOH would acquire TRJA shares owned by PT Damai Investama Sukses and PT MSJ Investama Abadi, totaling 1,238,364,000 shares.

Ahmad stated that the goal of acquiring TRJA shares is one of MYOH’s business development strategies.

“The acquisition will diversify the company’s services and strengthen its position in the mining services industry,” he said.

It’s worth noting that MYOH is controlled by South Korea-based ST International Corporation or Samtan. Previously, Samindo Resources was named PT Myoh Technology Tbk.

Referring to RTI Business as of October 31, 2023, the shares of the company, which was originally in the technology sector, are held by ST International Corporation or formerly Samtan Co Ltd, from South Korea, at 59.03%, while tycoon Low Tuck Kwong (owner of PT Bayan Resources Tbk.) holds 14.18%, and the public holds 26.79%.

As observed, MYOH shares soared by 23.39% to IDR 2,110 at 10:08 AM in the first trading session on Friday (11/17/2023). Meanwhile, TRJA shares rose by 3.55% to IDR 292 at 10:08 AM in the first trading session today.

PT Damai Investama Sukses spent IDR 9.98 billion in the transactions.

Last week, Damai Investama, as the controlling shareholder of TRJA, acquired shares in two stages on November 7 and 10, 2023. The total value amounted to 36.3 million shares with an average price of IDR 275 per share.

On November 7, 2023, Damai Investama bought 14.5 million shares, followed by the acquisition of 21.8 million shares on November 10. Thus, this transaction accumulated a total value of IDR 9.98 billion.

Post-transaction, Damai Investama’s ownership in TRJA saw a significant increase, reaching 607,089,000 shares or 40.2%. Previously, the controlling shareholder had only 570,789,000 shares or 37.8%.

“The purpose of the transaction is an investment,” as stated by TRJA Corporate Secretary Alexander Syauta, quoted on Tuesday (11/14/2023).

Source :–myoh–caplok-transkon-jaya