Mining Service Company Owned by Low Tuck Kwong Acquires Transkon Jaya Tbk


16 Nov 2023


Dilansir Oleh


Iconomics – PT Samindo Resources Tbk. (MYOH), a coal mining service company, has acquired shares of PT Transkon Jaya Tbk. (TRJA), a vehicle rental company based in Balikpapan, East Kalimantan.

PT Samindo Resources Tbk. is a company of which 14.18% of its shares are owned by Low Tuck Kwong, the second richest person in Indonesia according to Forbes. Low Tuck Kwong is also the owner of the coal mining company PT Bayan Resources Tbk. (BYAN).

Corporate Secretary of PT Samindo Resources Tbk., Ahmad Zaki Natsir, revealed that PT Samindo Resources Tbk. has signed a Conditional Share Purchase Agreement (CSPA) with the controlling shareholders of PT Transkon Jaya Tbk. on November 14, 2023.

“In the CSPA, the conditions to be fulfilled by the parties in the process of taking over TRJA shares have been agreed upon before the takeover is completed in full,” said Ahmad in the disclosure to the Indonesia Stock Exchange (BEI) on Thursday (16/11).

PT Samindo Resources Tbk. will acquire the shares of TRJA owned by PT Damai Investama Sukses and PT MSJ Investama Abadi, amounting to 1,238,364,000 shares.

The transaction value of the share purchase was not disclosed. However, based on the closing price of TRJA shares on Thursday (16/11) at Rp282 per share, it is estimated that the transaction value is around Rp349.22 billion.

“The takeover of TRJA controlling shares is one of the company’s business development strategies,” said Ahmad.

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