Bisnis.com, JAKARTA – The portfolio issuer of Low Tuck Kwong, PT Samindo Resources Tbk. (MYOH), has recorded performance growth amid plans to acquire the transport issuer PT Transkon Jaya Tbk. (TRJA).
Corporate Secretary MYOH Ahmad Zaki Natsir said MYOH has signed a conditional share purchase agreement between Samindo Resources and the controlling shareholders of Transkon Jaya or TRJA on November 14, 2023.
“For the price, it is still in the finalization process. Please wait for further information,” Zaki said, contacted by Bisnis on Thursday (16/11/2023).
Zaki continued that MYOH would take over TRJA shares owned by PT Damai Investama Sukses and PT MSJ Investama Abadi totaling 1.23 billion (1,238,364,000) shares in TRJA.
In the CSPA, Zaki explained that the agreed-upon conditions that must be fulfilled by the parties in the process of taking over TRJA shares have been agreed upon before the takeover is completed entirely.
Zaki also explained that the purpose of acquiring controlling shares of TRJA is one of MYOH’s business development strategies.
“The acquisition will diversify MYOH’s services and strengthen MYOH’s position in the mining services industry,” he said.
As information, currently, as many as 570.7 million shares or 37.79 shares of TRJA are owned by PT Damai Investama Sukses as TRJA’s controller. Meanwhile, as many as 454 million shares or 30.06% ownership are owned by PT MSJ Investama Abadi.
Another TRJA shareholder, PT Aneka, is noted to have released its ownership by 4.59 million shares. This divestment reduced PT Aneka’s ownership in TRJA to 150.28 million shares or 9.95%, from the previous 155.5 million or equivalent to 10.3% ownership.
However, it was not explained at what price per share PT Aneka released its shares in TRJA. The rest, amounting to 329.77 million shares or equivalent to 21.8% ownership, are owned by the public.
**MYOH Performance**
MYOH recorded a decline in revenue but with an increase in net profit throughout the first 9 months of 2023. MYOH recorded a net profit of US$11.5 million or equivalent to IDR 184.18 billion (JISDOR exchange rate IDR 15,941 per US dollar).
MYOH recorded revenue of US$94.87 million or equivalent to IDR 1.51 trillion until the third quarter of 2023. This revenue decreased by 8.68% from US$103.8 million compared to the third quarter of 2023.
This revenue is driven by overburden removal and coal extraction services amounting to US$61.4 million, coal transportation services of US$32.01 million, and drilling, exploration, and other services of US$1.44 million.
This revenue is driven by customers such as PT Kideco Jaya Agung amounting to US$194.82 million and PT Kumala Drilindo amounting to US$47,792.
The decrease in revenue was accompanied by a decrease in cost of revenue to US$79.4 million. This cost of revenue decreased by 6.34% annually from US$84.8 million.
However, MYOH’s gross profit also eroded by 19.11% to US$15.4 million, from US$19 million annually or year on year (yoy).
Nevertheless, MYOH’s net profit recorded an increase of up to 16.72% in the first 9 months of 2023. MYOH’s net profit increased to US$11.5 million or equivalent to IDR 184.8 billion, from US$98.9 million annually. Meanwhile, MYOH’s earnings per share recorded an increase to US$0.0052, from US$0.0045 annually.
As for MYOH’s total assets, it increased to US$171.4 million at the end of September 2023, from US$169.4 million at the end of December 2022.
In detail, the total liabilities of MYOH decreased to US$18.07 million on September 30, 2023, from US$20.84 million on December 31, 2022. MYOH’s short-term liabilities for the first 9 months of 2023 amounted to US$14.63 million, with long-term liabilities reaching US$3.4 million.
Meanwhile, the total equity of MYOH also increased to US$153.36 million at the end of the third quarter of 2023, from US$148.6 million at the end of 2022.
