Low Tuck Kwong’s Portfolio Company, PT Samindo Resources Tbk (MYOH), Initiates Tender Offer for TRJA with Higher Price


11 Jan 2024


Dilansir Oleh


JAKARTA, investor.id – PT Samindo Resources Tbk (MYOH), a portfolio company of Low Tuck Kwong, is set to conduct a mandatory tender offer for the shares of PT Transkon Jaya Tbk (TRJA) from January 12 to February 10, 2024. The tender offer price for TRJA is set at IDR 281 per share.

The tender offer price is higher than the acquisition price of TRJA shares, which was IDR 275 per share. Samindo successfully completed the acquisition of Transkon (TRJA) on November 30, 2023, acquiring a total of 663,468,000 (74%) shares of Transkon from PT Damai Investama Sukses and PT MSJ Investama Abadi. The transaction value amounted to IDR 307.32 billion.

As a result, Samindo (MYOH) is obligated to conduct a tender offer for TRJA shares, totaling 271,836,000 shares or equivalent to 18%, as the 120,816,000 TRJA shares owned by PT Damai Investama were not taken over by MYOH.

“With a price of IDR 281 per share, the total value of this mandatory tender offer is up to IDR 76.38 billion,” MYOH stated in an official announcement on Thursday (1/11/2024). MYOH has appointed PT Mirae Asset Sekuritas Indonesia to assist in the implementation of the tender offer for TRJA shares.

TRJA is a company based in Balikpapan, East Kalimantan, established in 2002. Initially, the company operated as a supplier of spare parts and accessories for special vehicles in the mining sector.

In 2006, TRJA expanded its business activities to include the rental of operational vehicles (light vehicle/LV) 4×4 under the brand ‘Transkon Rent.’ The company targeted customers from mining companies.

In 2011, TRJA entered the rapidly growing internet service provider (ISP) business in Balikpapan. The new business line handling internet network services uses ‘PACnet’ as its trademark.

Meanwhile, MYOH is a coal mining service provider entrusted with managing the coal mine owned by PT Kideco Jaya Agung in East Kalimantan.

Currently, ST International Corporation, a leading company in South Korea, holds 59.03% of MYOH shares. Additionally, Low Tuck Kwong, the owner of PT Bayan Resources Tbk (BYAN), holds 14.18% of MYOH shares. The remaining 26.79% is owned by the public.

Editor: Jauhari Mahardhika (jauhari@investor.co.id)