KONTAN.CO.ID – JAKARTA. PT Samindo Resources Tbk (MYOH) plans to acquire shares of PT Transkon Jaya Tbk (TRJA). This acquisition is aimed at expanding MYOH’s business in the coal mining contractor sector.
On November 14, 2023, MYOH signed a conditional shares purchase agreement to take over approximately 1.23 billion TRJA shares.
MYOH will acquire TRJA shares owned by PT Damai Investama and PT MSJ Investama Abadi. Damai Investama is the controlling shareholder of TRJA with ownership of 570.79 million shares or equivalent to 37.76%, while MSJ Investama Abadi holds 454.08 million shares or equivalent to 30.06%.
Ahmad Zaki Natsir, Corporate Secretary of Samindo Resources, stated that the acquisition of controlling shares of TRJA is one of MYOH’s business development strategies. However, MYOH has not provided detailed explanations regarding the method and price of this acquisition.
For the third quarter of 2023, this mining contractor company recorded revenue of US$94.87 million. This figure represents an 8.6% decrease from the revenue in the same period last year, which was US$103.89 million.
Specifically, MYOH’s revenue is dominated by the overburden removal and coal extraction services segment, amounting to US$61.40 million. Revenue from coal transportation services is US$32.01 million.
One of the customers contributing more than 10% to the consolidated revenue is PT Kideco Jaya Agung, with a transaction value of US$94.82 million. Kideco is a subsidiary of PT Indika Energy Tbk (INDY).
Nevertheless, MYOH’s bottom line performance has seen growth, posting a Net Income attributable to the owners of the parent entity of US$11.55 million. This figure represents a 16.7% increase from the net income in the same period last year, which was US$9.89 million.
The drivers of MYOH’s profit increase include a decrease in various expenses, such as a 6.34% decrease in cost of revenue to US$79.47 million. MYOH also recorded financial income of US$3.30 million. In addition, MYOH gained a net exchange gain of US$209,893 compared to a previous exchange loss of US$2.52 million.
MYOH’s balance sheet position is quite solid, with cash and cash equivalents amounting to US$102.97 million as of September 30, 2023. This figure increased from the position at the end of December 2022, which was US$98.96 million.
After this acquisition, MYOH will become the new controller of TRJA. Zaki mentioned that the acquisition would diversify MYOH’s services and strengthen its position in the mining services industry.
