06 Dec 2023
PT Samindo Resources Tbk (MYOH), a company owned by Dato’ Low Tuck Kwong, has successfully completed the acquisition of a 74% stake in PT Transkon Jaya Tbk (TRJA). The acquisition involved purchasing 1,117,548,000 shares at a price of Rp275 per share, and the transaction was finalized on November 30, 2023.
The purpose of the transaction, as stated in the announcement to the Indonesia Stock Exchange (BEI), is to develop business and diversify services in the mining industry. The total value of the transaction amounted to Rp307.82 billion. With this acquisition, MYOH now holds an equivalent stake to the previous major shareholders of TRJA, namely MSJ Investama Abadi and Damai Investama Sukses.
Earlier, MYOH’s Corporate Secretary, Ahmad Zaki Natsir, mentioned that MYOH had signed a conditional sale purchase agreement (CSPA) with the controlling shareholders of TRJA. The CSPA, signed on November 14, 2023, outlined the conditions that needed to be fulfilled by all parties involved before the share acquisition could be completed entirely.