coal mining issuer affiliated with Prajogo Pangestu, PT Petrosea Tbk (PTRO), announced that it will sell PT Kemilau Mulia Sakti (KMS) to a company affiliated with Happy Hapsoro, PT Singaraja Putra Tbk (SINI).PTRO Corporate Secretary Anto Broto explained that the company has signed a Conditional Share Sale and Purchase Agreement (CSPA) with SINI in relation to the planned acquisition of PT Kemilau Mulia Sakti.“Based on the CSPA, the Company intends to sell all of its share ownership in KMS amounting to 507,380,875 shares, representing 99.995% of the total issued and paid-up capital in KMS to SINI,” Anto wrote in a disclosure on Thursday (April 16, 2026).Anto explained that the sale of PT KMS shares is a strategic step for PTRO to strengthen its focus on core business activities, while also improving operational efficiency and optimizing resource allocation to support the Company’s sustainable growth.PT KMS is a coal mining company with operational areas in West Kutai, East Kalimantan. The company, which was acquired by PTRO in 2023, has coal reserves with identified resources of 164.1 million tons.Furthermore, it has mineable reserves of 82 million tons, with an estimated overburden removal volume of 549 million BCM and a long-term stripping ratio of approximately 6.7 times across an area of 4,776 hectares.In a separate development, SINI plans to conduct a corporate action through a rights issue (HMETD) to fund the acquisition of PT Kemilau Mulia Sakti (KMS), valued at IDR 1.73 trillion.SINI plans to issue up to 721.5 million new shares through the rights issue scheme. Assuming an exercise price of IDR 5,000 per share, SINI has the potential to raise approximately IDR 3.61 trillion.In terms of transaction structure, this acquisition is categorized as a material transaction, with a value reaching around 110.27% of the company’s total assets, and also constitutes an affiliated transaction. However, management emphasized that there is no conflict of interest in the execution of the transaction.From a valuation perspective, the acquisition value of KMS at IDR 1.73 trillion is below the estimated market value of IDR 1.84 trillion, and is therefore considered fair from a financial standpoint.SINI’s management stated that this expansion step aligns with the company’s strategy to strengthen its portfolio in the coal mining sector, which is still considered promising amid solid global demand, particularly from the Asian region.
Source https://djakarta-miningclub.com