11 Jan 2024
Reporter: Akhmad Suryahadi | Editor: Tendi Mahadi
KONTAN.CO.ID – JAKARTA. PT Samindo Resources Tbk (MYOH) has officially become the new controlling shareholder of PT Transkon Jaya Tbk (TRJA). On November 30, 2023, MYOH signed a deed of sale and purchase for 1.11 billion shares of TRJA.
This amount is equivalent to 74% of the total issued and fully paid-up capital previously owned by PT Damai Investama Sukses and PT MSJ Investama Abadi. MYOH acquired TRJA shares at a price of IDR 275 per share, making the total value of the TRJA share acquisition approximately IDR 307.32 billion.
MYOH’s Corporate Secretary, Ahmad Zaki Natsir, revealed that the inclusion of Transkon Jaya into MYOH would strengthen MYOH’s positioning as an integrated mining service provider.
“It means there is one more service that we can offer to our clients,” explained Zaki when contacted by Kontan.co.id on Thursday (1/11).
Currently, MYOH offers four services to its customers, namely overburden (OB) removal, coal getting, coal hauling, and exploration drilling.
TRJA, well-known in the mining industry not only for coal mining but also for other minerals, will serve as an entry point for MYOH to expand its market reach.
TRJA operates in the rental of four-wheel-drive (4WD) vehicles, which are essential support transportation tools in mining activities.
In the national mining sector, TRJA, through its more than 2,800 4WD vehicles, is widely distributed among various renowned mining contractors in Indonesia, including PT Pamapersada Nusantara and PT Bukit Makmur Mandiri Utama (BUMA).
After completing this acquisition, MYOH will conduct a mandatory tender offer for TRJA shares. MYOH will offer the tender for 271.83 million TRJA shares, approximately 18% of the total issued and fully paid-up shares.
The mandatory tender offer price is set at IDR 281 per share. This price is derived from the daily highest average stock price of TRJA traded on the Indonesia Stock Exchange (BEI) over the 90 days before the negotiation announcement date, which is IDR 280.19.
Thus, MYOH will allocate IDR 307.32 billion from its internal funds to carry out the tender offer for TRJA shares.
“All funds for the TRJA acquisition and tender offer come from internal cash reserves,” concluded Zaki.