Bisnis.com, JAKARTA – The main shareholder of PT Transkon Jaya Tbk. (TRJA) has been actively acquiring the company’s shares ahead of the divestment to the conglomerate company owned by Low Tuck Kwong, PT Samindo Resources Tbk. (MYOH).
TRJA Corporate Secretary Alexander J. Syauta stated that PT Damai Investasi Sukses, as the controller of TRJA, increased its share ownership in the company. On November 17, 2023, Damai Investasi Sukses acquired 34.8 million TRJA shares, equivalent to 2.3%, at a price of Rp275.
The total transaction amounted to Rp9.57 billion. After this transaction, Damai Investasi Sukses holds 46.95% of TRJA shares, equivalent to 709.08 million shares, up from the previous 44.65% or 674.28 million shares. The ownership status of the shares is direct.
On Friday (24/11/2023) at 10:11 AM WIB, TRJA shares fell by 0.76% or 2 points to Rp260. Its market capitalization was Rp392.65 billion with a PER valuation of 10.07 times. Throughout 2023, TRJA shares have risen by 14.04%.
Meanwhile, the portfolio company of Low Tuck Kwong, PT Samindo Resources Tbk. (MYOH), revealed plans to acquire the transportation company PT Transkon Jaya Tbk. (TRJA).
MYOH Corporate Secretary Ahmad Zaki Natsir stated that MYOH had signed a conditional shares purchase agreement between Samindo Resources and the controlling shareholders of Transkon Jaya or TRJA on November 14, 2023.
“The price is still in the finalization process. Please wait for further information,” said Zaki when 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 added, the agreed-upon conditions that must be fulfilled by the parties in the TRJA share acquisition process were outlined before the acquisition is completed in full.
Zaki also explained that the purpose of acquiring TRJA’s controlling shares is one of MYOH’s business development strategies.
“The acquisition will diversify MYOH’s services and strengthen its position in the mining services industry,” he said.
As of now, PT Damai Investama Sukses, as the controller of TRJA, owns 570.7 million shares or 37.79% of TRJA. Meanwhile, PT MSJ Investama Abadi owns 454 million TRJA shares or 30.06% ownership.
Other TRJA shareholders, such as PT Aneka, have reportedly reduced their ownership by selling 4.59 million shares. This sale reduced PT Aneka’s ownership in TRJA to 150.28 million shares or 9.95%, down from the previous 155.5 million shares or approximately 10.3% ownership.
However, it was not specified at what price per share PT Aneka sold its shares in TRJA. The remaining 329.77 million shares or approximately 21.8% ownership are held by the public.
MYOH’s Performance
MYOH recorded a decline in revenue but an increase in net profit throughout the first 9 months of 2023. MYOH reported a net profit of US$11.5 million or approximately Rp184.18 billion (based on the Jisdor exchange rate of Rp15,941 per US dollar).
MYOH recorded revenue of US$94.87 million or around Rp1.51 trillion in the third quarter of 2023. This revenue decreased by 8.68% from US$103.8 million compared to the third quarter of 2022.
The revenue was driven by earthmoving and coal mining services amounting to US$61.4 million, coal hauling services worth US$32.01 million, and drilling, exploration, and other services worth US$1.44 million.
This revenue was driven by customers such as PT Kideco Jaya Agung, amounting to US$194.82 million, and PT Kumala Drilindo, which contributed US$47.792 million.
Despite the decline in revenue, the cost of revenue also decreased 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 decreased by 19.11% to US$15.4 million from US$19 million year on year (YoY).
Nevertheless, MYOH’s net profit increased by 16.72% in the first 9 months of 2023. The net profit of MYOH increased to US$11.5 million or approximately Rp184.8 billion, from US$98.9 million annually. Meanwhile, MYOH’s earnings per share increased to US$0.0052 from US$0.0045 YoY.
The total assets of MYOH 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 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, MYOH’s equity 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.
